Callon Petroleum Company (CPE), engaged in exploration and production of oil and gas, could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.
These positive earnings estimate revisions suggest that analysts are becoming more optimistic on CPE’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames, suggesting that Callon Petroleum could be a solid choice for investors.
Current Quarter Estimates for CPE
In the past 30 days, 4 estimates have gone higher for Callon Petroleum with no downward revision. The consensus estimate trend has been pretty favorable, with estimates increasing from 6 cents per share 30 days ago to 12 cents today, representing a significant move.
Current Year Estimates for CPE
Meanwhile, Callon Petroleum’s current year figures are also looking quite promising with 5 estimates moving higher in the past month. The consensus estimate trend has also seen a boost for this time frame, increasing from 30 cents per share 30 days ago to 47 cents today, a move of 56.7%.
Bottom Line
The stock has also started to move higher lately, adding 10.5% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #2 (Buy) stock to profit in the near future.
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