Callon Petroleum to Post Q1 2023 Earnings of $1.93 Per Share, Capital One Financial Forecasts (NYSE:CPE)

Posted by on Apr 13th, 2023

Callon Petroleum (NYSE:CPE – Get Rating) – Equities research analysts at Capital One Financial cut their Q1 2023 earnings estimates for shares of Callon Petroleum in a note issued to investors on Monday, April 10th. Capital One Financial analyst P. Johnston now expects that the oil and natural gas company will earn $1.93 per share for the quarter, down from their previous forecast of $2.06. The consensus estimate for Callon Petroleum’s current full-year earnings is $10.83 per share.

A number of other brokerages have also commented on CPE. Morgan Stanley reduced their price target on shares of Callon Petroleum from $53.00 to $45.00 and set an “equal weight” rating for the company in a research note on Monday, March 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $60.00 target price on shares of Callon Petroleum in a report on Wednesday, March 22nd. Mizuho dropped their price target on shares of Callon Petroleum from $65.00 to $54.00 in a research note on Friday, March 10th. StockNews.com started coverage on Callon Petroleum in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Truist Financial raised their target price on Callon Petroleum from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $58.25.

Callon Petroleum Price Performance

Shares of NYSE CPE opened at $37.49 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.42 and a quick ratio of 0.42. Callon Petroleum has a 1 year low of $28.91 and a 1 year high of $65.41. The company’s 50-day moving average is $36.51 and its 200 day moving average is $38.97. The stock has a market capitalization of $2.31 billion, a P/E ratio of 1.92 and a beta of 2.73.

Callon Petroleum (NYSE:CPE – Get Rating) last posted its quarterly earnings data on Thursday, February 23rd. The oil and natural gas company reported $3.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.44 by ($0.08). Callon Petroleum had a return on equity of 35.68% and a net margin of 37.44%. The company had revenue of $704.25 million for the quarter, compared to the consensus estimate of $617.42 million. During the same period in the prior year, the firm posted $2.66 earnings per share.

Hedge Funds Weigh In On Callon Petroleum

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates bought a new position in Callon Petroleum during the first quarter valued at $1,020,000. PNC Financial Services Group Inc. lifted its stake in Callon Petroleum by 25.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,296 shares of the oil and natural gas company’s stock worth $135,000 after acquiring an additional 462 shares during the period. AlphaCrest Capital Management LLC boosted its stake in shares of Callon Petroleum by 8.0% during the first quarter. AlphaCrest Capital Management LLC now owns 7,775 shares of the oil and natural gas company’s stock valued at $459,000 after purchasing an additional 575 shares in the last quarter. Natixis Advisors L.P. purchased a new position in shares of Callon Petroleum in the 1st quarter valued at $842,000. Finally, MetLife Investment Management LLC raised its holdings in Callon Petroleum by 55.4% in the first quarter. MetLife Investment Management LLC now owns 25,397 shares of the oil and natural gas company’s stock worth $1,500,000 after purchasing an additional 9,056 shares in the last quarter. 83.60% of the stock is owned by hedge funds and other institutional investors.

About Callon Petroleum

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Callon Petroleum Co engages in the exploration, development, acquisition, and production of oil and natural gas properties in the United States. It focuses on unconventional oil and natural gas reserves in the Permian Basin. The company was founded by Sim C. Callon and John S. Callon in 1950 and is headquartered in Houston, TX.

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Earnings History and Estimates for Callon Petroleum (NYSE:CPE)

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