FY2023 Earnings Estimate for Callon Petroleum (NYSE:CPE) Issued By Zacks Research

Posted by on Sep 23rd, 2023

Callon Petroleum (NYSE:CPE – Free Report) – Investment analysts at Zacks Research increased their FY2023 earnings estimates for shares of Callon Petroleum in a research report issued to clients and investors on Wednesday, September 20th. Zacks Research analyst U. Dutta now expects that the oil and natural gas company will post earnings of $7.51 per share for the year, up from their previous estimate of $7.32. The consensus estimate for Callon Petroleum’s current full-year earnings is $7.49 per share. Zacks Research also issued estimates for Callon Petroleum’s Q4 2023 earnings at $1.96 EPS and Q1 2024 earnings at $2.07 EPS.

Callon Petroleum (NYSE:CPE – Get Free Report) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.21. The firm had revenue of $562.30 million for the quarter, compared to analysts’ expectations of $561.08 million. Callon Petroleum had a net margin of 35.11% and a return on equity of 21.41%. The company’s revenue was down 38.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.68 EPS.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of Callon Petroleum from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Truist Financial decreased their target price on shares of Callon Petroleum from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, August 7th. Mizuho upped their target price on shares of Callon Petroleum from $59.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, September 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $50.00 target price on shares of Callon Petroleum in a research report on Wednesday, August 9th. Finally, Citigroup raised shares of Callon Petroleum from a “neutral” rating to a “buy” rating and upped their target price for the company from $40.00 to $45.00 in a research report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

Read Our Latest Analysis on CPE

Callon Petroleum Trading Down 0.8 %

Shares of CPE stock opened at $37.10 on Friday. The company’s 50-day moving average price is $37.27 and its 200-day moving average price is $34.82. Callon Petroleum has a twelve month low of $28.91 and a twelve month high of $50.19. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.64. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of 2.45 and a beta of 2.74.

Institutional Trading of Callon Petroleum

A number of large investors have recently made changes to their positions in the company. Strs Ohio purchased a new position in Callon Petroleum in the first quarter valued at approximately $26,000. State of Wyoming purchased a new position in Callon Petroleum in the second quarter valued at approximately $30,000. Banque Cantonale Vaudoise purchased a new position in Callon Petroleum in the first quarter valued at approximately $33,000. CWM LLC increased its stake in Callon Petroleum by 260.7% in the second quarter. CWM LLC now owns 1,100 shares of the oil and natural gas company’s stock valued at $39,000 after purchasing an additional 795 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in Callon Petroleum in the second quarter valued at approximately $40,000. 92.79% of the stock is currently owned by hedge funds and other institutional investors.

About Callon Petroleum

(Get Free Report)

Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, exploration, and development of oil and natural gas properties in West Texas. The company was founded in 1950 and is headquartered in Houston, Texas.

See Also

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

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