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Callon Petroleum Co. (NYSE:CPE) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 5%.
Callon Petroleum Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.01 in the quarter versus EPS of $0.22 in the year-earlier quarter.
Revenue: Decreased 9.78% to $28.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Callon Petroleum Co. reported adjusted EPS loss of $0.01 per share. By that measure, the company missed the mean analyst estimate of $0.04. It missed the average revenue estimate of $31.92 million.
Quoting Management: Fred Callon, Chairman and CEO commented, “Our Permian operations continue to deliver growth in both reserves and production, and are positioned to drive growth in total Company metrics. We will be focusing on program development of our de-risked, horizontal locations in the southern Midland basin in 2013 to deliver repeatable growth following a year of resource capture and evaluation in 2012. In addition, we will be optimizing our vertical drilling program through the targeting of additional deeper zones that have demonstrated encouraging production results. Our continued evaluation of our northern Midland assets will continue in parallel with this base level of activity as we finalize our plans for additional drilling in this area.”
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