Callon Petroleum reported $562.28 million in revenue for the quarter ended June 2023, representing a year-over-year decline of 38.5%. EPS of $1.99 for the same period compares to $3.68 a year ago.
The reported revenue represents a surprise of +3.66% over the Zacks Consensus Estimate of $542.46 million. With the consensus EPS estimate being $1.78, the EPS surprise was +11.80%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Callon performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Total daily production - Total barrels of oil equivalent: 106948 BOE/D compared to the 106510.4 BOE/D average estimate based on eight analysts.
- Average realized sales price (excluding impact of settled derivatives) - Total NGL: $19.87 per barrel compared to the $23.09 per barrel average estimate based on six analysts.
- Average realized sales price (excluding impact of settled derivatives) - Total oil: $73.52 per barrel versus $72.7 per barrel estimated by six analysts on average.
- Average realized sales price (excluding impact of settled derivatives) - Total natural gas: $1.23 per thousand cubic feet versus the five-analyst average estimate of $1.48 per thousand cubic feet.
- Average realized sales price (including impact of settled derivatives) - Natural gas: $2.08 per thousand cubic feet compared to the $2.14 per thousand cubic feet average estimate based on four analysts.
- Average realized sales price (including impact of settled derivatives) - Oil: $74.16 per barrel versus the four-analyst average estimate of $74.88 per barrel.
- Total production - Total barrels of oil equivalent: 9732 MBOE compared to the 9644.35 MBOE average estimate based on four analysts.
- Production - Total oil: 5737 MBBL versus 5816.53 MBBL estimated by three analysts on average.
- Revenues- Natural gas liquids: $40.63 million compared to the $42.66 million average estimate based on five analysts. The reported number represents a change of -46.2% year over year.
- Revenues- Natural gas: $14.42 million versus the five-analyst average estimate of $18.21 million. The reported number represents a year-over-year change of -77.8%.
- Revenues- Oil: $421.78 million compared to the $423.79 million average estimate based on four analysts. The reported number represents a change of -32% year over year.
- Revenues- Sales of purchased oil and gas: $85.46 million versus the three-analyst average estimate of $82.83 million.
View all Key Company Metrics for Callon here>>>Shares of Callon have returned +4.5% over the past month versus the Zacks S&P 500 composite's +3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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Callon Petroleum reported $562.28 million in revenue for the quarter ended June 2023, representing a year-over-year decline of 38.5%. EPS of $1.99 for the same period compares to $3.68 a year ago.
The reported revenue represents a surprise of +3.66% over the Zacks Consensus Estimate of $542.46 million. With the consensus EPS estimate being $1.78, the EPS surprise was +11.80%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Callon performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Total daily production - Total barrels of oil equivalent: 106948 BOE/D compared to the 106510.4 BOE/D average estimate based on eight analysts.
- Average realized sales price (excluding impact of settled derivatives) - Total NGL: $19.87 per barrel compared to the $23.09 per barrel average estimate based on six analysts.
- Average realized sales price (excluding impact of settled derivatives) - Total oil: $73.52 per barrel versus $72.7 per barrel estimated by six analysts on average.
- Average realized sales price (excluding impact of settled derivatives) - Total natural gas: $1.23 per thousand cubic feet versus the five-analyst average estimate of $1.48 per thousand cubic feet.
- Average realized sales price (including impact of settled derivatives) - Natural gas: $2.08 per thousand cubic feet compared to the $2.14 per thousand cubic feet average estimate based on four analysts.
- Average realized sales price (including impact of settled derivatives) - Oil: $74.16 per barrel versus the four-analyst average estimate of $74.88 per barrel.
- Total production - Total barrels of oil equivalent: 9732 MBOE compared to the 9644.35 MBOE average estimate based on four analysts.
- Production - Total oil: 5737 MBBL versus 5816.53 MBBL estimated by three analysts on average.
- Revenues- Natural gas liquids: $40.63 million compared to the $42.66 million average estimate based on five analysts. The reported number represents a change of -46.2% year over year.
- Revenues- Natural gas: $14.42 million versus the five-analyst average estimate of $18.21 million. The reported number represents a year-over-year change of -77.8%.
- Revenues- Oil: $421.78 million compared to the $423.79 million average estimate based on four analysts. The reported number represents a change of -32% year over year.
- Revenues- Sales of purchased oil and gas: $85.46 million versus the three-analyst average estimate of $82.83 million.
View all Key Company Metrics for Callon here>>>Shares of Callon have returned +4.5% over the past month versus the Zacks S&P 500 composite's +3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.