Callon Petroleum (NYSE:CPE) Short Interest Down 7.5% in August

Callon Petroleum (NYSE:CPEGet Rating) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 6,140,000 shares, a decline of 7.5% from the August 15th total of 6,640,000 shares. Based on an average daily volume of 1,700,000 shares, the days-to-cover ratio is currently 3.6 days. Approximately 12.5% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Morgan Stanley dropped their target price on Callon Petroleum from $70.00 to $64.00 and set an “equal weight” rating for the company in a report on Monday, August 29th. Wells Fargo & Company dropped their target price on Callon Petroleum from $78.00 to $70.00 and set an “equal weight” rating for the company in a report on Monday, July 11th. Citigroup lifted their target price on Callon Petroleum from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, September 9th. KeyCorp began coverage on Callon Petroleum in a research note on Monday. They set a “sector weight” rating for the company. Finally, JPMorgan Chase & Co. decreased their price target on Callon Petroleum from $75.00 to $68.00 and set an “underweight” rating for the company in a research note on Wednesday, July 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Callon Petroleum has a consensus rating of “Hold” and an average price target of $71.63.

Callon Petroleum Trading Down 1.6 %

CPE opened at $39.77 on Tuesday. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 2.71 and a beta of 2.72. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 1.11. Callon Petroleum has a 12 month low of $33.85 and a 12 month high of $66.48. The stock has a fifty day moving average price of $41.21 and a 200-day moving average price of $49.13.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CPE. Mutual of America Capital Management LLC grew its stake in Callon Petroleum by 5.0% during the 1st quarter. Mutual of America Capital Management LLC now owns 6,809 shares of the oil and natural gas company’s stock worth $402,000 after buying an additional 323 shares during the last quarter. HighTower Advisors LLC grew its stake in Callon Petroleum by 36.2% during the 4th quarter. HighTower Advisors LLC now owns 5,757 shares of the oil and natural gas company’s stock worth $273,000 after buying an additional 1,531 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Callon Petroleum during the 1st quarter worth $298,000. Quantitative Investment Management LLC purchased a new position in Callon Petroleum during the 1st quarter worth $864,000. Finally, Polianta Ltd purchased a new position in Callon Petroleum during the 1st quarter worth $909,000. 87.85% of the stock is owned by institutional investors.

About Callon Petroleum

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Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, exploration, and development of oil and natural gas properties in Permian Basin in West Texas. As of December 31, 2021, its estimated net proved reserves totaled approximately 484.6 million barrel of oil equivalent, including 290.3 MMBbls oil, 577.3 Bcf of natural gas, and 98.1 MMBbls of natural gas liquids.

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