Callon Petroleum Co. (NYSE:CPE) dropped 1.7% during mid-day trading on Thursday . The company traded as low as $11.21 and last traded at $11.31, with a volume of 1,178,354 shares changing hands. The stock had previously closed at $11.51.

CPE has been the topic of a number of analyst reports. Scotiabank reissued a “focus stock” rating on shares of Callon Petroleum in a report on Monday, May 16th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Callon Petroleum in a report on Wednesday, March 16th. Imperial Capital reaffirmed an “outperform” rating and issued a $14.00 price target on shares of Callon Petroleum in a report on Wednesday, June 8th. Zacks Investment Research raised shares of Callon Petroleum from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Wednesday, June 29th. Finally, Credit Suisse Group AG assumed coverage on shares of Callon Petroleum in a report on Tuesday, May 24th. They issued an “outperform” rating and a $14.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $12.00.

The firm has a 50 day moving average price of $11.53 and a 200-day moving average price of $8.91. The stock’s market capitalization is $1.37 billion.

A number of hedge funds recently made changes to their positions in CPE. California State Teachers Retirement System increased its stake in shares of Callon Petroleum by 23.8% in the fourth quarter. California State Teachers Retirement System now owns 148,473 shares of the company’s stock worth $1,238,000 after buying an additional 28,568 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Callon Petroleum by 283.6% in the fourth quarter. Marshall Wace LLP now owns 175,728 shares of the company’s stock worth $1,466,000 after buying an additional 129,923 shares in the last quarter. Telemark Asset Management LLC bought a new stake in shares of Callon Petroleum during the fourth quarter worth about $3,336,000. Russell Frank Co increased its stake in shares of Callon Petroleum by 27.1% in the fourth quarter. Russell Frank Co now owns 421,568 shares of the company’s stock worth $3,338,000 after buying an additional 89,846 shares in the last quarter. Finally, Monarch Partners Asset Management LLC bought a new stake in shares of Callon Petroleum during the fourth quarter worth about $5,414,000.

Callon Petroleum Company is an independent oil and natural gas company. The Company is engaged in the exploration, development, acquisition and production of oil and natural gas properties. It focuses on unconventional, onshore, oil and natural gas reserves in the Permian Basin in West Texas and the Midland Basin.

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