Long Position on CPE @ $37.25 on 5/19/2021 (Fundamentals)

Callon Petroleum Company (CPE), 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, 2020, its estimated net proved reserves totaled approximately 475.9 million barrel of oil equivalent, including 289.5 MMBbls oil, 541.6 Bcf of natural gas, and 96.1 MMBbls of natural gas liquids.

The company was founded in 1950 and is headquartered in Houston, Texas.

Callon Petroleum Company reported 1st Quarter March 2021 earnings of $1.49 per share on revenue of $359.9 million. The consensus earnings estimate was $0.90 per share on revenue of $264.4 million. Revenue grew 24.1% on a year-over-year basis.

After a dip in share prices this stock should see a rebound along its "upward trading channel" formation.

Entry Point: $37.25

Stop Loss: $35.40

Trading Range: $4.50 - 46.00

Target Price: $41.00

Updates

6/1/2021 10:15:35 AM

CPE closed at $41.84

Position closed on 6/1/2021 at price of $41.84 with a 12.32% gain in 13 days.

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