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Why Hold Strategy is Apt for Callon Petroleum (CPE) Stock Now
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Callon Petroleum Company has witnessed no estimate revisions for its 2023 earnings in the past seven days. The Zacks Consensus Estimate for its 2023 earnings estimate is pegged at $8.85 per share.
What’s Favoring the Stock?
West Texas Intermediate crude price, trading at more than $70 per barrel, is still highly favorable for exploration and production activities.
Being a leading exploration and production company, Callon Petroleum is well-positioned to capitalize on handsome crude prices. The firm, carrying a Zacks Rank #3 (Hold), has a strong footprint in Permian, the most prolific basin in the United States, brightening its production outlook. In the top-tier Permian portfolio, Callon Petroleum has identified decade-long high-return drilling inventory, brightening its production outlook.
CPE is also focused on greenhouse gas emissions and lowering routine flaring. The new targets of Callon Petroleum also comprise strengthening its financials while deleveraging the balance sheet.
Risks
Compared with the 2.43% dividend yield of the composite stocks belonging to the industry, Callon Petroleum’s yield is 0%. Also, rising lease operating expenses are hurting its bottom line.
Murphy USA is a leading retailer of gasoline. MUSA has more than 1,700 stores and has witnessed upward earnings estimate revisions for 2023 earnings in the past seven days.
Sunoco, a distributor of motor fuel to approximately 10,000 convenience stores, has a stable business model. For this year, SUN has witnessed upward earnings estimate revisions in the past 30 days.
Dril-Quip is a leading provider of highly engineered equipment, service and innovative technologies that are being employed in the energy sector.
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Why Hold Strategy is Apt for Callon Petroleum (CPE) Stock Now
Callon Petroleum Company has witnessed no estimate revisions for its 2023 earnings in the past seven days. The Zacks Consensus Estimate for its 2023 earnings estimate is pegged at $8.85 per share.
What’s Favoring the Stock?
West Texas Intermediate crude price, trading at more than $70 per barrel, is still highly favorable for exploration and production activities.
Being a leading exploration and production company, Callon Petroleum is well-positioned to capitalize on handsome crude prices. The firm, carrying a Zacks Rank #3 (Hold), has a strong footprint in Permian, the most prolific basin in the United States, brightening its production outlook. In the top-tier Permian portfolio, Callon Petroleum has identified decade-long high-return drilling inventory, brightening its production outlook.
CPE is also focused on greenhouse gas emissions and lowering routine flaring. The new targets of Callon Petroleum also comprise strengthening its financials while deleveraging the balance sheet.
Risks
Compared with the 2.43% dividend yield of the composite stocks belonging to the industry, Callon Petroleum’s yield is 0%. Also, rising lease operating expenses are hurting its bottom line.
Stocks to Consider
Better-ranked players in the energy space include Murphy USA Inc. (MUSA - Free Report) , Sunoco LP (SUN - Free Report) and Dril-Quip, Inc. . While Dril-Quip carries a Zacks Rank #2 (Buy), Sunoco and Murphy USA sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is a leading retailer of gasoline. MUSA has more than 1,700 stores and has witnessed upward earnings estimate revisions for 2023 earnings in the past seven days.
Sunoco, a distributor of motor fuel to approximately 10,000 convenience stores, has a stable business model. For this year, SUN has witnessed upward earnings estimate revisions in the past 30 days.
Dril-Quip is a leading provider of highly engineered equipment, service and innovative technologies that are being employed in the energy sector.