Cannell Capital buys $11,844,674 stake in Callon Petroleum Company (CPE)

Callon Petroleum Company (CPE) : Cannell Capital scooped up 52,545 additional shares in Callon Petroleum Company during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 870,292 shares of Callon Petroleum Company which is valued at $11,844,674.Callon Petroleum Company makes up approximately 4.52% of Cannell Capital’s portfolio.

Other Hedge Funds, Including , Bogle Investment Management L P De added CPE to its portfolio by purchasing 93,099 company shares during the most recent quarter which is valued at $1,267,077. Callon Petroleum Company makes up approx 0.08% of Bogle Investment Management L P De’s portfolio.Tower Research Capital (trc) boosted its stake in CPE in the latest quarter, The investment management firm added 4,387 additional shares and now holds a total of 8,713 shares of Callon Petroleum Company which is valued at $118,584. Callon Petroleum Company makes up approx 0.01% of Tower Research Capital (trc)’s portfolio.Monarch Partners Asset Management reduced its stake in CPE by selling 870,233 shares or 64.01% in the most recent quarter. The Hedge Fund company now holds 489,278 shares of CPE which is valued at $5,338,023. Callon Petroleum Company makes up approx 0.52% of Monarch Partners Asset Management’s portfolio. Genesee Valley Trust Co added CPE to its portfolio by purchasing 10,580 company shares during the most recent quarter which is valued at $115,428. Callon Petroleum Company makes up approx 0.07% of Genesee Valley Trust Co’s portfolio. Ibm Retirement Fund added CPE to its portfolio by purchasing 11,517 company shares during the most recent quarter which is valued at $130,027.

Callon Petroleum Company opened for trading at $14.39 and hit $14.77 on the upside on Monday, eventually ending the session at $14.72, with a gain of 1.87% or 0.27 points. The heightened volatility saw the trading volume jump to 19,97,007 shares. Company has a market cap of $1,930 M.

On the company’s financial health, Callon Petroleum Company reported $-0.61 EPS for the quarter, missing the analyst consensus estimate by $ -0.65 based on the information available during the earnings call on Aug 8, 2016. Analyst had a consensus of $0.04. The company had revenue of $45.14 million for the quarter, compared to analysts expectations of $47.75 million. The company’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.11 EPS.

Many Wall Street Analysts have commented on Callon Petroleum Company. Company shares were Reiterated by FBR Capital on Aug 10, 2016 to “Outperform”, Firm has raised the Price Target to $ 17 from a previous price target of $15 .Company shares were Reiterated by Wunderlich on Aug 10, 2016 to “Buy”, Firm has raised the Price Target to $ 18 from a previous price target of $17 .Company shares were Reiterated by Imperial Capital on Aug 10, 2016 to “Outperform”, Firm has raised the Price Target to $ 16 from a previous price target of $14 .

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 is focused on unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas and the Midland Basin. Its asset base is concentrated in the Midland Basin located within the broader Permian Basin. Its operations are focused on horizontal drilling of several prospective intervals including multiple levels of the Wolfcamp formation. The Company operates two horizontal drilling rigs focused on four prospective zones for development. The Company drilled approximately 27 gross (24.4 net) horizontal and 7 gross (4.3 net) vertical wells while completing around 31 gross (27.3 net) horizontal and 5 gross (3.1 net) vertical wells. The Company also owns 6230 gross (3862 net) acres located in Midland Andrews and Martin Counties.

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