The stock of Callon Petroleum Company (NYSE:CPE) is now priced at $6.63 and the shares are -0.35 points down or -5.01% lower compared to its previous closing price of $6.98. The stock had 2.832 million contracts set over the past session. CPE shares’ daily volume is compared to its average trading volume at 3.353 million shares. However, it has a float of 38.64 million and although its performance was -4.19% over the week, it’s one to watch. Analysts have given the CPE stock a yearly average price target of $10.92 per share. It means the stock’s upside potential is 64.71% with the CPE share price recently placing at $6.52 to $7. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are running away from the Callon Petroleum Company stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CPE shares have declined. Short interest in the stock represents just 14.5% of its float, but the volume has dropped by 0.
In the last trading session, Callon Petroleum Company (NYSE:CPE) dropped by -$0.29 over the week and lost -$5.17 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $53.6. The stock recorded its established 52-week high on 09/16/19.
Since 03/09/20, the stock has traded to a low of $3.8 at 74.47%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.96. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Callon Petroleum Company’s two-week RSI is 27.96. This suggests that the stock is overbought at the moment and that CPE shares’ price movement remains not stable. The stochastic readings are equally revealing at 6.14% meaning the CPE share price is currently in overbought territory.
The technical chart shows that the CPE stock will likely settle at between $6.91 and $7.2 per share. However, if the stock dips below $6.43, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.24.
Currently, the stock is trading in the red of MACD, with a reading of -0.17. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned CPE a rating of Buy in their intiating review released on May 28. BofA/Merrill analysts downgraded their recommendation of the stock from Neutral to Underperform in a flash note released to investors on May 14. Tudor Pickering seeing the stock struggling downgraded it from Hold to Sell on May 04.
The average rating for the CPE equity is 3.11 and is currently gathering a bearish momentum. Of 18 analysts tracking Callon Petroleum Company polled by Reuters, 11 rated CPE as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 4 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CPE stock price is 2.26X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Callon Petroleum Company (NYSE:CPE) will decrease by about -99.84%, which will see them reach $248 million. The company’s full-year revenues are, however, expected to increase by about 41.11%, up from $672 million to $948 million. CPE’s expected adjusted earnings should drop almost -90% to end up at $0.19 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -73.42% to record $2.02/share.