Callon Petroleum Company (CPE) has been under a strong bear grip, hence the stock is down -5.49% when compared to the S&P 500 in the past 4 weeks. However, in the near-term, buying emerged at lower levels and the stock has outperformed the S&P 500 by 0.95% in the past 1 week. The stock has risen by 0.89% in the past week indicating that the buyers are active at lower levels, but the stock is down -2.32% in the past 4 weeks.
The stock has recorded a 20-day Moving Average of 1.08% and the 50-Day Moving Average is 1.19%. Callon Petroleum Company is up 8.37% in the last 3-month period. Year-to-Date the stock performance stands at 36.57%.
Callon Petroleum Company (NYSE:CPE): stock turned positive on Friday. Though the stock opened at $10.93, the bulls momentum made the stock top out at $11.39 level for the day. The stock recorded a low of $10.87 and closed the trading day at $11.39, in the green by 2.61%. The total traded volume for the day was 2,712,043. The stock had closed at $11.1 in the previous days trading.
Also, Equity Analysts at the Brokerage Firm, Citigroup, maintains their rating on the shares of Callon Petroleum Company (NYSE:CPE). Citigroup has a Neutral rating on the shares. As per the latest research report, the brokerage house raises the price target to $12.5 per share from a prior target of $12. The rating by the firm was issued on July 18, 2016.
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 6,230 gross (3,862 net) acres located in Midland, Andrews and Martin Counties.