【word that starts with a and ends with o】Callon Petroleum Climbs 4% As 3Q Sales Surge 74%; Street Sticks To Hold
Shares of Callon Petroleum are rising 4.4% in Tuesday's pre-market trading after the natural gas company saw 3Q revenues jump 73.6% to $269.7 million year-on-year,word that starts with a and ends with o exceeding the Street consensus of $248.9 million. The crude petroleum extraction company’s third-quarter earnings of $0.64 per share crushed analysts’ estimates of $0.09. EPS declined by 66.8%.
Callon (
CPE
) delivered higher-than-expected average production of approximately 102.0 Mboe [million barrels of oil equivalent]/day in 3Q.
Callon’s CEO Joe Gatto said that “our focus on cost control and operational efficiency through scaled development is pushing us towards even lower cost thresholds that should generate improved cash flow and lower break-even pricing over time."
For 2020, the company expects total production in the range of 100.0 – 101.0 Mboe/day. As for 2021, the company lowered the guidance for average daily production in the range of 90.0 – 92.0 Mboe/day from its August 2021 forecast of 90.0 – 95.0 Mboe/day.
The lower guidance reflected “the combined effect of the recent ORRI [overriding royalty interest] transaction and non-operated properties sale, offset partly by improved well performance and operational efficiency gains,” the company said. (
See CPE stock analysis on TipRanks
).
On Oct. 2, RBC Capital analyst
Brad Heffern
lowered the stock's price target to $18 (230.9% upside potential) from $30. However, Heffern maintained a Buy rating, as he believes that the asset monetization measures have "effectively tripled" its available liquidity. The analyst added that the assets sold received a "reasonable price."
Currently, the Street is sidelined on the stock. The Hold analyst consensus is based on 3 Holds, 2 Buys and 3 Sells. The average
price target
of $7.88 implies upside potential of about 45% to current levels. Shares have declined by about 89% year-to-date.
Related News:
Diamondback Energy Surges 6% In Print Buildup; Reports Beat
Magellan Tops 3Q Profit As Refined Products Demand Improves
Skyworks Sees Upbeat 2021 Guidance After A Blowout 4Q
More recent articles from Smarter Analyst:
Tupperware Nabs $275M Loan To Boost Capital Structure; Stock Up 258% YTD
Humanigen Inks First Asia Licensing Deal For Its Covid-19 Treatment
Twitter Board Confident In Leadership Structure Post Review; Shares Rise
Estée Lauder Beats Q1 Forecasts On Strength in Skincare, Asia Pacific
View comments
相关文章
FOREX-Dollar wallows near 2 1/2-year low on vaccine, stimulus optimism
* U.S. dlr broadly weak on optimism about vaccines, stimulus* Euro above $1.21, Aussie just under 262024-09-29Disney's Live-Action 'Mulan' Pushed Back to 2020
Disney has pushed back the release date of its live-action Mulan reboot by more than a year.The film2024-09-29Is Advance Auto Parts (AAP) Stock Outpacing Its Retail-Wholesale Peers This Year?
Investors focused on the Retail-Wholesale space have likely heard of Advance Auto Parts (AAP), but i2024-09-29BRIEF-Bros Eastern Posts Unaudited Losses From Cotton Futures, Net Profit Before Tax To Reduce
Jan 2 (Reuters) - Bros Eastern Co Ltd:* SAYS IT HAS UNAUDITED LOSSES OF 71.1 MILLION YUAN ($10.37 mi2024-09-29German industrial order rise more than expected in October
BERLIN, Dec 4 (Reuters) - German industrial orders rose more than expected on the month in October,2024-09-29Insurance Did Not Cover Damage To Salon From 200-To-500 Year Storm
This story is reprinted with permission fromFC&S Legal, the industry’s only comprehensive digital re2024-09-29
最新评论