Callon Petroleum Co. (NYSE: CPE) Stock: Will It Keep Climbing Higher?

In the last trading session, 30.36 million shares of the Callon Petroleum Co. (NYSE:CPE) were traded, and its beta was 2.48. Most recently the company’s share price was $35.76, and it changed around $0.64 or 1.82% from the last close, which brings the market valuation of the company to $2.38B. CPE currently trades at a discount to its 52-week high of $41.36, offering almost -15.66% off that amount. The share price’s 52-week low was $28.62, which indicates that the current value has risen by an impressive 19.97% since then. We note from Callon Petroleum Co.’s average daily trading volume that its 10-day average is 4.27 million shares, with the 3-month average coming to 1.66 million.

Callon Petroleum Co. stock received a consensus recommendation rating of Hold, based on a mean score of 2.64. If we narrow it down even further, the data shows that 0 out of 13 analysts rate the stock as a Sell; another 1 rate it as Overweight. Among the rest, 9 recommended CPE as a Hold, whereas 3 deemed it a Buy, and 0 rated it as Underweight. Callon Petroleum Co. is expected to report earnings per share of $1.36 for the current quarter.

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Callon Petroleum Co. (NYSE:CPE) trade information

Instantly CPE has showed a green trend with a performance of 1.82% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 10.37% year-to-date, but still up 1.30% over the last five days. On the other hand, Callon Petroleum Co. (NYSE:CPE) is 14.54% up in the 30-day period. We can see from the shorts that 8.37 million shares have been sold at a short interest cover period of 7.21 day(s).

The consensus price target as assigned by Wall Street analysts is $74.33, which translates to bulls needing to increase their stock price by 51.89% from its current value. Analyst projections state that CPE is forecast to be at a low of $50 and a high of $94.

Callon Petroleum Co. (CPE) estimates and forecasts

Callon Petroleum Co. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -9.95 percent over the past six months and at a -10.63% annual growth rate that is well below the industry average of -3.80%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -29.90% in revenue this quarter, and will report a decrease of -33.70% in the next quarter. The year-over-year growth rate is expected to be -8.30%, down from the previous year.

Consensus estimates provided by 4 financial analysts predict the company will bring in an average of $522.75 million in revenue for the current quarter. 4 analysts expect Callon Petroleum Co. to make $520.75 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $560.05 million and $562.28 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -6.70%. Forecasts for the next quarter put sales growth at -7.40%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -14.41%. Callon Petroleum Co. earnings are expected to increase by -13.36% in 2024, but the outlook is positive 6.00% per year for the next five years.

CPE Dividends

Callon Petroleum Co.’s next quarterly earnings report is expected to be released around May 01 and May 06.

Callon Petroleum Co. (NYSE:CPE)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 10.02% of Callon Petroleum Co. shares, and 93.20% of them are in the hands of institutional investors. The stock currently has a share float of 103.57%. Callon Petroleum Co. stock is held by 353 institutions, with Blackrock Inc. being the largest institutional investor. By Jun 29, 2023, it held 12.85% of the shares, which is about 8.75 million shares worth $307.03 million.

Vanguard Group Inc, with 9.72% or 6.62 million shares worth $232.22 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

iShares Core S&P Smallcap ETF and SPDR (R) Ser Tr-SPDR (R) S&P (R) Oil & Gas Explor & Prod ETF were the top two Mutual Funds as of Sep 29, 2023. The former held 3.77 million shares worth $147.62 million, making up 5.54% of all outstanding shares. On the other hand, SPDR (R) Ser Tr-SPDR (R) S&P (R) Oil & Gas Explor & Prod ETF held roughly 2.4 million shares worth around $94.02 million, which represents about 3.52% of the total shares outstanding.