Entering text into the input field will update the search result below. One share of CPE stock can currently be purchased for approximately $35.84. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. 1 Salaries 10 Q&A Interviews Photos Want to work here? The monthly returns are then compounded to arrive at the annual return. HOUSTON, June 9, 2022 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") announced today that it has priced $600 million aggregate principal amount of its 7.500% senior unsecured notes due 2030 (the "notes") in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the "Sec. Get the latest Callon Petroleum Company CPE detailed stock quotes, stock data, Real-Time ECN, charts, stats and more. May 10, 2023|markets.businessinsider.com, April 25, 2023|markets.businessinsider.com, Receive CPE Stock News and Ratings via Email. Callon Petroleum Company announces an Equity Buyback for $300 million worth of its shares. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Just getting into the stock market? U.S. stock index futures rose on Monday as investors clung to hopes of Russia-Ukraine peace talks, with bank stocks higher ahead of a Federal Reserve policy meeting this week where it is widely expected to raise interest rates. Callon has bumped up its capital expenditure budget for 2022 up to $800 million, while maintaining its cost guidance in other areas. Find the latest Callon Petroleum Company (CPE) stock quote, history, news and other vital information to help you with your stock trading and investing. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. How much of their production is hedged and at what prices? At last report Callon had few hedges after 2021, so at $55 WTI oil it could generate similar positive cash flow to projected 2021 levels (at low-$60s WTI) despite lower WTI prices and a larger (average of $560 million per year) operational capex budget. The program also features simultaneous deployment of multiple drilling rigs and completion crews in the execution of several large-scale Permian projects. At current 2022 strip of $108 to $109 WTI oil and $7.50 Henry Hub natural gas, Callon is now projected to generate $3.142 billion in oil and gas revenues before hedges. For the first quarter of 2023, the Company expects to produce 97 - 100 MBoe/d with oil volumes of 59 - 61 MBbls/d. It is valued at 4.0x EV to 2023 EBITDAX based on $55 WTI oil in 2023 currently, which is around the midpoint of its pre-pandemic (roughly 3.5x to 4.5x) valuation range. This would allow Callon to pay off its remaining credit facility debt, redeem its $321 million in outstanding 6.375% unsecured notes due 2026 and have approximately $500 million in cash at the end of 2023. Callon also received related infrastructure assets in leaseholds. The Company is engaged in the exploration, development, acquisition and production of oil and natural gas properties. The transaction is structured as the acquisition by Ridgemar of 100% of the limited liability company interests of Callon's wholly owned subsidiary Callon (Eagle Ford) LLC. It should also be able to generate $1.1+ billion positive cash flow in 2023 at current strip prices. Callon Petroleum reported a loss of $1.6 billion, or $3.94 per share, during the second quarter, primarily driven by the writedown of oil and gas properties. Additional details are provided in the updated table below. See our report's 7 new picks today, absolutely FREE. Only 1.80% of the stock of Callon Petroleum is held by insiders. Tesla: Can Downgrades Make Sense After A 170% Rally? Our focus on integrating sustainable business practices and achieving long-term results drives our operations. From the previous guidance of 95.5-97.5 MBoe/d, Callon increased the range to 98.5-99.5 MBoe/d, of which 64% is likely to be oil. "Inflation is going to be a problem that is going to be a game changer." In fact, the picture painted by oil producer group OPEC earlier this week suggests strong demand well into the future. Can anyone explain how this can trade so negative when WTI is at record highs? What is Fred L. Callon's approval rating as Callon Petroleum's CEO? Income statement expenses (in millions except where noted), Capital expenditures (in millions, accrual basis). 9 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Callon Petroleum in the last year. As we look ahead into the coming quarters, this latest acquisition provides a meaningful increase in free cash flow generation and is a catalyst for substantially improving the balance sheet.". Like shoppers at a retail store, IPO investors are demanding discounts and displaying price sensitivity, The Biden Administration has a new strategy for student loan forgiveness but there are risks it could face the same fate. View jobs Working at Callon Petroleum: 10 Reviews Review this company Job Title All Location All Ratings by category 3.9 Work-Life Balance 4.4 Pay & Benefits 3.3 Job Security & Advancement 3.1 Management 4.0 Culture Sort by Rating Date Language Showing all 10 reviews Please disable your ad-blocker and refresh. Callon Petroleum Company (CPE Quick QuoteCPE - Free Report) recently announced that it has completed the acquisition of some assets from Primexx Energy Partners. Real-time analyst ratings, insider transactions, earnings data, and more. Because it's the best way out of their terrible hedging losses. Given our deep subsurface expertise in the Delaware Basin and operational preparation, we expect a seamless transition and will be focused on delivering the types of capital and expense synergies we have achieved in similar transactions. With Callon potentially generating around $2 billion in positive cash flow in 2022 and 2023 combined (at current strip), I estimate that it would then be worth approximately $77 per share in a scenario where long-term WTI oil prices then averaged $70 after 2023. Callon ended 2020 with $2.992 billion in net debt, so its projected positive cash flow in 2021 would reduce its net debt to $2.759 billion by the end of the year. May. This suggests a possible upside of 70.0% from the stock's current price. Get them exclusively at Distressed Value Investing. In addition, approximately 5% of the capital budget is anticipated to be invested in emissions reduction projects related to facilities and increased greenhouse gas monitoring. Zacks Ranks stocks can, and often do, change throughout the month. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Callon Petroleum (NYSE:CPE) has a market capitalization of $2.22 billion and generates $3.23 billion in revenue each year. It had originally budgeted $725 million, which reflected 10% inflation from 2021 levels, but is now expecting 20% inflation. The company was founded in 1950 and is headquartered in Houston, Texas. Bank of America, JPMorgan, Goldman Sachs Set For Dividend Growth? Looking for more investing ideas like this one? Analysts Disclosure: I/we have a beneficial long position in the shares of CPE either through stock ownership, options, or other derivatives. RT=Real-Time, EOD=End of Day, PD=Previous Day. Another shale player, Pioneer Natural Resources Company (PXD Quick QuotePXD - Free Report) recently agreed to divest some assets in Texas to Laredo Petroleum for $230 million. Please allow approximately 10 business days for mail delivery prior to contacting owner relations. Get daily stock ideas from top-performing Wall Street analysts. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc. Callon Petroleum Company (CPE Quick Quote CPE - Free Report) recently announced that it has completed the acquisition of some assets from Primexx Energy Partners.Also, Callon has agreed to divest . What is Callon Petroleum's stock price forecast for 2023? Callon Petroleum's quarterly revenue was down 27.9% on a year-over-year basis. The company provided an updated guidance for the full year and third-quarter 2021 that incorporates the acquisition as well as the divestment. Unique insight into distressed opportunities to target outsized returns. Callon does not provide guidance on the items used to reconcile forecasted Adjusted G&A and forecasted G&A due to the uncertainty regarding timing and estimates of certain items; therefore, Callon cannot reconcile forecasted Adjusted G&A to forecasted G&A without unreasonable effort. It may also be able to generate a similar amount of positive cash flow in 2022 and 2023 while modestly increasing (low-single digits) production levels. The oil and natural gas company reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $1.96 by $0.02. View Callon Petroleum's Short Interest. Callon's leverage could be reduced to under 0.4x by the end of 2023 at current strip, leaving it in good shape with regards to its debt. Callon may also be able to slightly improve its position with asset sales. in good shape with regard to its note maturities. No assurances can be given, however, that these events will occur or that projections will be achieved or expectations will be realized, and actual results could differ materially from those projected or expected as a result of certain factors, many of which are beyond our control. How many employees does Callon Petroleum have? Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). The Company plans to release third quarter 2021 results after market close on Wednesday, November 3, 2021. NASDAQ data is at least 15 minutes delayed. Megacap growth stocks dragged the Nasdaq and S&P 500 lower on Thursday as investors worried that soaring commodity prices due to the Ukraine crisis will add to inflationary pressures. This would allow it to pay off its credit facility debt, redeem its 2024 to 2026 note maturities and have $500 million in cash at the end of 2023. The proceeds are going towards redeeming its $460.2 million in 6.125% unsecured notes due 2024 (at 101.531% of par) along with its $319.7 million in 9.00% second-lien notes due 2025 (at approximately 106.5% of par). Callon's 2022 hedges have an estimated value of negative $658 million. Callon Petroleum does not have a long track record of dividend growth. Energy giant Royal Dutch Shell plc made use of the current situation to divest $9.5 billion worth of Permian assets to ConocoPhillips (COP Quick QuoteCOP - Free Report) . Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Capital budget implies approximately 60% reinvestment rate, improving capital efficiencies and further debt reduction, Company projected to reach key $2 billion debt milestone in 2H23. Callon's cash interest payments (which differs from its interest expense on its income statement due to some of its interest being capitalized) is estimated at around $170 million per year, so this remains a significant expense. Break Russia & China's Food Security Hold - Explore This $30B Industry. Pioneer Natural Resources Company (PXD) - free report >>, Callon Petroleum Company (CPE) - free report >>. To learn more, click here. These 2023 hedges are also at a better price than its 2022 hedges, so Callon may be able to generate $1.1+ billion in positive cash flow in 2023 at current strip prices (high-$90s WTI oil). Callon President and Chief Executive Officer Joe Gatto commented, "We are excited to get to work integrating this high-quality asset base into our Permian Basin operations, overlaying our life of field development philosophy on the acquired multi-zone resource base. Their CPE share price forecasts range from $36.00 to $71.00. Not What You Think, https://www.prnewswire.com/news-releases/callon-issues-2023-capital-program-and-outlook-projected-to-generate-more-than-2-75-billion-in-adjusted-free-cash-flow-over-the-next-five-years-301753600.html. 9 Wall Street research analysts have issued 1 year price objectives for Callon Petroleum's stock. The balance sheet looks gooddid I miss something? If prices go up, they get exercised. Too much debt. Market Data copyright 2023 QuoteMedia. Biden's latest bailout--terrible for America? I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Callon's credit facility debt will increase by around $220 million as part of these transactions as well. This development model also helps to offset cost inflation with drilling and completion costs per lateral foot expected to only increase by approximately 10% in 2023 over last year. The move is expected to remove $50 million from the companys capital spending plan. The divestment is expected to provide its balance sheet with some breathing room. I am not receiving compensation for it (other than from Seeking Alpha). This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Our people are our greatest resource. The oil and natural gas company earns $1.21 billion in net income (profit) each year or $22.48 on an earnings per share basis. How does the recent senior notes offering (, Well I guess this had its day in the sun. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. What other stocks do shareholders of Callon Petroleum own? If you wish to go to ZacksTrade, click OK. Excludes the change in fair value and amortization of share-based incentive awards and other non-recurring expenses. Callon had also previously mentioned potentially calling its $187.2 million in 8.25% unsecured notes due 2025 (inherited from Carrizo). The move boosted the companys already strong foothold in the prolific Permian Basin. Callon Petroleum is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of West and South Texas. According to analysts' consensus price target of $56.13, Callon Petroleum has a forecasted upside of 58.9% from its current price of $35.33. Callon Petroleum Co. engages in the exploration, development, acquisition, and production of oil and natural gas properties in the United States. Date: November 4, 2021Time: 8:00 a.m. Central Time (9:00 a.m. Eastern Time)Webcast: www.callon.comSelect "News/Events" under the "Investors" section of the website. "We remain committed to consistent capital allocation to our high rate of return projects complemented by debt reduction from our free cash flow. To participate in the webcast, please visit "News and Events" under the "Investors" section of the Company's website at www.callon.com. Entering text into the input field will update the search result below. HOUSTON, Feb. 22, 2023 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced its 2023 Outlook in conjunction with the release of its fourth quarter and full-year 2022 financial and operating results. It focuses on unconventional . In a $55 WTI long-term oil scenario, Callon would have $2.3 billion in net debt at the end of 2023 and may be able to generate approximately $1 billion EBITDAX during 2023. Have Watchlists? I wrote this article myself, and it expresses my own opinions. More than 80% of the budget for the year is earmarked for the Permian Basin. Fuller Rises On Hopes For Rebound, What 7 Analyst Ratings Have To Say About Callon Petroleum, Callon Petroleum's (NYSE:CPE) three-year earnings growth trails the 44% YoY shareholder returns, Callon Petroleum hires former EP Energy CEO as new COO, Insider Spends US$1.5m Buying More Shares In Callon Petroleum, Insider Spends US$1.5m Buying More Shares In Callon Petroleum \, CALLON PETROLEUM COMPANY ANNOUNCES CHIEF OPERATING OFFICER TRANSITION, Investor Alert: EV Initiatives Create Unsustainable Demand For Lithium, J.P. Morgan Keeps Their Hold Rating on Callon (CPE), Callon Petroleum Company Announces Participation in Upcoming Investor Events, Callon (CPE) Q1 Earnings Miss Estimates, Revenues Declines Y/Y, Callon Petroleum to acquire Permian Basin assets, exit Eagle Ford Shale, A Callon Petroleum Company (NYSE:CPE) insider increased their holdings by 2.1% last year, Callon Petroleum Company 2023 Q1 - Results - Earnings Call Presentation, Callon Petroleum (CPE) Lags Q1 Earnings Estimates, Callon Petroleum buys Permian asset for $475 mln, exits Eagle Ford, Callon Petroleum Company Announces First Quarter 2023 Results, Callon to Acquire Core Delaware Basin Assets and Exit Eagle Ford, UPDATE 2-Callon Petroleum buys Permian asset for $475 mln, exits Eagle Ford, Earnings Preview: Devon Energy (DVN) Q1 Earnings Expected to Decline, Exxon Mobil (XOM) Beats Q1 Earnings Estimates, Callon Petroleum Company Announces Board Updates Including Appointment of Matthew R. Bob as Chair, Callon Petroleum: A Buy As Easing Inflation Is Likely Transitory, Callon (CPE) Gets a Buy from Mizuho Securities, Unusual Call Option Trade in Callon Petroleum (CPE) Worth $230.72K, Ten Starter Stocks For Beginners to Buy Now, view top-rated stocks among Wall Street analysts, Invesco Dynamic Energy Exploration & Production ETF (PXE), SPDR S&P Oil & Gas Exploration & Production ETF (XOP), Pacer US Small Cap Cash Cows 100 ETF (CALF), Direxion Daily S&P Oil & Gas Exp. Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced an updated operational capital budget range of $790 to $810 million in 2022, compared to the initial forecast of . 2023 planned capital expenditures of $1 billion, representing a projected reinvestment rate of ~60%1, 2023 production expected to average 104 - 107 thousand barrels per day of oil equivalent (MBoe/d), Adjusted free cash flow from 2023-27 projected to total >$2.75 billion, assuming $80 per barrel NYMEX WTI and current service cost levels, or more than 125% of Callon's current market capitalization, Company expects to continue its rapid pace of debt reduction and reach its key $2 billion debt milestone in the second half of 2023, based on the current commodity price environment, Five-year outlook characterized by increasing capital efficiency and a projected compounded annual production growth rate of 2% - 4%, highlighting the depth of consistent, high-quality inventory and improved cycle times, "Our 2023 business plan builds on the strong operational execution and financial outcomes we delivered last year," said Joe Gatto, President and CEO. This is 3.3x its projected 2021 EBITDAX (with hedges) or 2.6x its projected 2021 EBITDAX (without hedges), so Callon still is fairly heavily leveraged despite its ability to generate a decent amount of positive cash flow during the year. MT. SMART Global Holdings Momentum, Room To Move Higher? Callon is pushing out its note maturities and has a clear path to addressing its 2024 and 2025 note maturities this year and its 2026 note maturity in 2023. We use cookies to understand how you use our site and to improve your experience. What is Callon Petroleum's stock price today? Fred L. Callon has an approval rating of 73% among the company's employees. Callon's cash expenditures are estimated at $1.011 billion in this scenario, including $430 million in total operational capex. As of Jun 30, 2021, total cash and cash equivalents amounted to only $3.8 million, while long-term debt totaled $2,865.2 million. I project that Callon can redeem all of its 2024 and 2025 note maturities this year. Callon may be able to generate around $233 million in positive cash flow in 2021 at low-$60s WTI oil. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. Popular online brokerages with access to the U.S. stock market include WeBull, Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Robinhood, Fidelity, and Charles Schwab. They just purchased one of their competitors last quarter. Export data to Excel for your own analysis. Callon is issuing $600 million in new 7.50% unsecured notes due 2030. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Total operational capital for the full year is now estimated at $515 million, higher than the previous guidance of $430 million. The recovery in commodity prices has made divestments of oil and gas assets more profitable for upstream companies. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Callon's stock appears to be fairly price for a longer-term $55 WTI oil scenario at the moment, as it is valued at around 4.0x EV/EBITDAX based on projected 2023 results at that oil price. Cookie Notice Updated (). A $55 WTI long-term oil price is probably enough for Callon to refinance its existing notes, although it may end up with higher interest rates with new notes. Callon Petroleum at a Glance. If that happens, then Callon could be worth $77 per share even in a scenario where oil prices averaged $70 after 2023. Truist Securities Increases Price Target on Callon Petroleum to $71 From $55, Maintains Buy Rating. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. The P/E ratio of Callon Petroleum is 1.57, which means that it is trading at a less expensive P/E ratio than the market average P/E ratio of about 127.55. When is Callon Petroleum's next earnings date? Seeking Alpha's Disclosure: Past performance is no guarantee of future results. RT=Real-Time, EOD=End of Day, PD=Previous Day. Callon's annual note interest costs will go down by $12 million as a result of these transactions, while its total interest costs will go down by approximately $6 million per year. How do I contact you? Fourth-quarter production is expected within 110-112.5 MBoe/d, of which 63% will be oil. Still On Sale with Plenty of Upside, 3 Highly-Ranked Stocks to Buy in July for the Second Half of 2023, 5 Stocks on Unstoppable Rally Amid Nasdaq's Historic 1H. I hate swapoptions. Also, Callon has agreed to divest some non-core assets. As a result, Callon is positioned to develop multi-zone projects, capturing the benefits of co-development and scaled operations from its "Life of Field" co-development model, with the added capital efficiency benefit of reduced cycle times. 08. Download 2021 Sustainability Report JOSEPH C. GATTO, JR. President, CEO and Director "At Callon, our focus on sustainability starts with the products we produce to power the world, enhance personal prosperity, and protect the health and welfare of people everywhere.
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