Shares of Callon Petroleum Company (NYSE:CPE) traded down 8.4% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $9.91 and last traded at $9.93, with a volume of 10,867,518 shares. The stock had previously closed at $10.84.

The oil and natural gas company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.11 by $0.02. Callon Petroleum had a net margin of 34.61% and a return on equity of 4.16%. The company had revenue of $82.30 million during the quarter, compared to analysts’ expectations of $83.89 million. During the same quarter last year, the business posted ($0.61) earnings per share. The company’s revenue for the quarter was up 82.5% compared to the same quarter last year.

Several research analysts have weighed in on the company. Zacks Investment Research upgraded Callon Petroleum from a “sell” rating to a “hold” rating in a research note on Tuesday. Citigroup Inc. lowered their target price on Callon Petroleum from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, July 21st. Northland Securities set a $18.00 target price on Callon Petroleum and gave the company a “buy” rating in a research note on Monday, July 17th. Barclays PLC reiterated a “buy” rating and issued a $14.00 target price on shares of Callon Petroleum in a research note on Friday, July 7th. Finally, Scotiabank set a $15.00 target price on Callon Petroleum and gave the company a “buy” rating in a research note on Saturday, July 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $17.73.

A number of hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its position in shares of Callon Petroleum by 29.0% in the first quarter. Wellington Management Group LLP now owns 21,117,124 shares of the oil and natural gas company’s stock valued at $277,902,000 after buying an additional 4,749,928 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Callon Petroleum by 4.3% in the first quarter. Vanguard Group Inc. now owns 16,158,249 shares of the oil and natural gas company’s stock valued at $212,642,000 after buying an additional 667,220 shares during the last quarter. FMR LLC raised its position in shares of Callon Petroleum by 15.7% in the first quarter. FMR LLC now owns 15,197,267 shares of the oil and natural gas company’s stock valued at $199,996,000 after buying an additional 2,067,650 shares during the last quarter. BlackRock Inc. raised its position in shares of Callon Petroleum by 96,684.2% in the first quarter. BlackRock Inc. now owns 12,101,893 shares of the oil and natural gas company’s stock valued at $159,259,000 after buying an additional 12,089,389 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Callon Petroleum by 56.3% in the first quarter. Goldman Sachs Group Inc. now owns 7,333,603 shares of the oil and natural gas company’s stock valued at $96,510,000 after buying an additional 2,642,192 shares during the last quarter.

The stock has a 50-day moving average of $10.70 and a 200 day moving average of $12.29. The firm has a market capitalization of $2.14 billion, a P/E ratio of 20.15 and a beta of 1.44.

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About Callon Petroleum

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. The Company focuses on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin.

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