Callon Petroleum Co. (NYSE:CPE) shares fell 6.1% during mid-day trading on Monday . The company traded as low as $10.68 and last traded at $10.70, with a volume of 1,429,002 shares trading hands. The stock had previously closed at $11.39.

A number of brokerages have recently issued reports on CPE. Iberia Capital increased their target price on Callon Petroleum from $10.00 to $14.00 and gave the company an “outperform” rating in a research report on Thursday, April 28th. Canaccord Genuity restated a “buy” rating and issued a $13.00 price objective on shares of Callon Petroleum in a report on Thursday, May 5th. Zacks Investment Research upgraded Callon Petroleum from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, April 25th. FBR & Co restated a “buy” rating on shares of Callon Petroleum in a report on Thursday, May 5th. Finally, Howard Weil upgraded Callon Petroleum from a “sector outperform” rating to a “focus stock” rating in a report on Monday, May 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $12.36.

The company’s market capitalization is $1.34 billion. The stock’s 50-day moving average is $11.45 and its 200 day moving average is $9.44.

Several hedge funds recently modified their holdings of CPE. Systematic Financial Management LP increased its stake in shares of Callon Petroleum by 51.2% in the fourth quarter. Systematic Financial Management LP now owns 1,654,725 shares of the company’s stock valued at $13,800,000 after buying an additional 560,270 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 valued at $1,466,000 after buying an additional 129,923 shares in the last quarter. UBS Oconnor LLC increased its stake in shares of Callon Petroleum by 1.8% in the fourth quarter. UBS Oconnor LLC now owns 875,419 shares of the company’s stock valued at $7,301,000 after buying an additional 15,273 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Callon Petroleum by 324.4% in the fourth quarter. Wells Fargo & Company MN now owns 1,115,392 shares of the company’s stock valued at $9,302,000 after buying an additional 852,602 shares in the last quarter. Finally, New York State Common Retirement Fund increased its stake in shares of Callon Petroleum by 15.2% in the fourth quarter. New York State Common Retirement Fund now owns 1,129,085 shares of the company’s stock valued at $9,417,000 after buying an additional 148,980 shares in the last quarter.

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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