Callon Petroleum (CPE) Debt Trading 1.1% Higher

An issue of Callon Petroleum (NYSE:CPE) bonds rose 1.1% against their face value during trading on Friday. The debt issue has a 6.125% coupon and will mature on October 1, 2024. The bonds in the issue are now trading at $98.81. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.

Several research firms have weighed in on CPE. ValuEngine cut shares of Callon Petroleum from a “hold” rating to a “sell” rating in a research report on Friday, September 7th. Zacks Investment Research upgraded shares of Callon Petroleum from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Tuesday, October 23rd. Stephens set a $20.00 price objective on shares of Callon Petroleum and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Williams Capital began coverage on shares of Callon Petroleum in a research report on Wednesday, October 24th. They set a “buy” rating and a $16.00 price objective on the stock. Finally, TheStreet upgraded shares of Callon Petroleum from a “c+” rating to a “b-” rating in a research report on Monday, September 17th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $16.15.

Shares of NYSE:CPE traded down $0.08 during trading on Friday, reaching $10.37. 4,586,300 shares of the company traded hands, compared to its average volume of 4,894,173. The firm has a market capitalization of $2.24 billion, a P/E ratio of 24.69 and a beta of 1.02. Callon Petroleum has a 1-year low of $9.23 and a 1-year high of $14.65. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.44.

Callon Petroleum (NYSE:CPE) last issued its earnings results on Monday, August 6th. The oil and natural gas company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). The company had revenue of $137.10 million for the quarter, compared to analyst estimates of $133.66 million. Callon Petroleum had a net margin of 31.27% and a return on equity of 7.25%. The company’s quarterly revenue was up 66.6% on a year-over-year basis. During the same period last year, the business earned $0.09 EPS. Equities research analysts expect that Callon Petroleum will post 0.86 earnings per share for the current fiscal year.

In other Callon Petroleum news, VP Mitzi P. Conn sold 15,000 shares of Callon Petroleum stock in a transaction on Tuesday, September 18th. The shares were sold at an average price of $11.76, for a total transaction of $176,400.00. Following the completion of the sale, the vice president now owns 42,062 shares of the company’s stock, valued at approximately $494,649.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.82% of the company’s stock.

Large investors have recently modified their holdings of the business. First Hawaiian Bank acquired a new stake in shares of Callon Petroleum during the 3rd quarter valued at $107,000. Strs Ohio boosted its stake in shares of Callon Petroleum by 139.0% during the 3rd quarter. Strs Ohio now owns 9,800 shares of the oil and natural gas company’s stock valued at $117,000 after buying an additional 5,700 shares during the period. Prospera Financial Services Inc acquired a new stake in shares of Callon Petroleum in the 2nd quarter valued at $113,000. Marietta Investment Partners LLC acquired a new stake in shares of Callon Petroleum in the 2nd quarter valued at $153,000. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of Callon Petroleum by 175.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 14,654 shares of the oil and natural gas company’s stock valued at $194,000 after purchasing an additional 9,343 shares during the last quarter.

About Callon Petroleum (NYSE:CPE)

Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional onshore, oil, and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2017, its estimated net proved reserves totaled 137.0 million barrel of oil equivalent.

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