CALLON PETROLEUM Announces Second Quarter FY2023 Earnings Results
August 26, 2023
🌥️Earnings Overview
Callon Petroleum ($NYSE:CPE) announced its earnings results for the second quarter of FY2023, ending June 30 2023, on August 2 2023. Total revenue for the quarter stood at USD 562.3 million, a reduction of 38.5% compared to the same period in the prior year. Net income was USD -107.9 million, an enormous difference to the USD 348.0 million of the year before.
Stock Price
The company’s stock opened at $36.4 and closed at $35.8, down by 2.5% from the previous closing price of 36.7. CALLON PETROLEUM‘s second quarter earnings release was an overall positive result for investors, with the company showing a strong performance in both revenue and earnings. The company is well-positioned to face the headwinds of the industry and continue to deliver value to its shareholders. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Callon Petroleum. More…
| Total Revenues | Net Income | Net Margin |
| 2.66k | 1.03k | 44.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Callon Petroleum. More…
| Operations | Investing | Financing |
| 1.45k | -1.18k | -265.96 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Callon Petroleum. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 6.57k | 3.02k | 51.97 |
Key Ratios Snapshot
Some of the financial key ratios for Callon Petroleum are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 49.4% | 107.3% | 33.7% |
| FCF Margin | ROE | ROA |
| 8.8% | 15.6% | 8.5% |
Analysis
As a GoodWhale analyst, I have been analyzing CALLON PETROLEUM‘s financials. According to our Star Chart analysis, CALLON PETROLEUM is classified as ‘rhino’, which means that it has achieved moderate revenue or earnings growth. As such, this company might be attractive to value investors who are seeking to invest in a stable company. Further analysis reveals that CALLON PETROLEUM is strong in growth, medium in asset, profitability and weak in dividend. Its intermediate health score of 6/10 with regard to its cashflows and debt suggest that this company might be able to sustain future operations even in times of crisis. As such, investors who are seeking stable companies to invest in might find CALLON PETROLEUM to be worth considering. More…
Peers
The oil and gas industry is highly competitive, with companies vying for market share and profits. Callon Petroleum Co is one of the leading companies in this industry, and its competitors include Ring Energy Inc, NuVista Energy Ltd, and Silk Road Energy Inc. Each company has its own strengths and weaknesses, and the competition between them is fierce.
– Ring Energy Inc ($NYSEAM:REI)
Sunrise Energy Inc is an oil and gas exploration and production company with a focus on horizontal drilling in the Williston Basin of North Dakota. As of December 31, 2020, the company had approximately 555.49 million barrels of oil equivalent of estimated proved reserves, all of which were located in the Williston Basin. Sunrise Energy Inc’s Return on Equity for 2020 was 19.21%.
– NuVista Energy Ltd ($TSX:NVA)
NuVista Energy is a Canadian oil and gas company with a market capitalization of $3.19 billion as of 2022. The company has a return on equity of 27.71%. NuVista Energy is involved in the exploration, development, and production of oil and natural gas in the Western Canadian Sedimentary Basin. The company’s operations are focused in the Montney and Duvernay formations in Alberta and British Columbia.
Summary
Investors should pay attention to CALLON PETROLEUM’s second quarter of FY2023 financial results. Total revenue for the quarter was USD 562.3 million, a decrease of 38.5% compared to the same period last year. This is a major drop for the company.
Net income was also significantly lower, at USD -107.9 million compared to the prior year’s figure of USD 348.0 million. These results point to a challenging period ahead for CALLON PETROLEUM and investors should exercise caution when considering this company as an investment option.
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