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Callon Petroleum (CPE) 주식 개요
Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, exploration, and development of oil and natural gas properties in West Texas. 자세히 보기
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Callon Petroleum Company 경쟁사
가격 이력 및 성과
| 과거 주가 | |
|---|---|
| 현재 주가 | US$35.76 |
| 52주 최고가 | US$41.36 |
| 52주 최저가 | US$28.62 |
| 베타 | 2.47 |
| 1개월 변동 | 12.24% |
| 3개월 변동 | 9.79% |
| 1년 변동 | -3.33% |
| 3년 변동 | -5.60% |
| 5년 변동 | -54.10% |
| IPO 이후 변동 | -73.01% |
최근 뉴스 및 업데이트
Recent updates
분석 기사 • Feb 27
Callon Petroleum (NYSE:CPE) Has A Somewhat Strained Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...분석 기사 • Dec 18
Callon Petroleum Company's (NYSE:CPE) Price Is Right But Growth Is Lacking
Callon Petroleum Company's ( NYSE:CPE ) price-to-earnings (or "P/E") ratio of 3.5x might make it look like a strong buy...Seeking Alpha • Nov 07
Callon Petroleum: Strong Q3 Earnings In The Permian
Summary Callon Petroleum is an oil and gas exploration company with a market cap of $2.5 billion. The company's operations are located in the Permian Basin and mostly located in the Delaware Basin. Currently, CPE's production growth has stalled; however, in addition to capex, the company is deploying some capital toward purchasing shares and deleveraging. Read the full article on Seeking Alpha분석 기사 • Oct 27
If EPS Growth Is Important To You, Callon Petroleum (NYSE:CPE) Presents An Opportunity
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Seeking Alpha • Sep 10
Callon Petroleum: Acquiring Its Way Into Mediocrity
Summary Callon Petroleum's management made a costly mistake that resulted in an impairment charge of about $400 million. Management may make the same mistake by purchasing Permian acreage while selling usually cheaper Eagle Ford acreage that in the past performed just as well. Investors should consider alternatives like Hess Corporation, which has a clear line of sight to future earnings and reduced execution risk through its partnership with Exxon Mobil in Guyana. Another alternative is Baytex Energy with the very low cost Clearwater Play. Investors pay management find a bargain. Both Hess and Baytex did that. Read the full article on Seeking Alpha분석 기사 • Sep 05
Callon Petroleum (NYSE:CPE) Has A Somewhat Strained Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Seeking Alpha • Jul 17
Callon Petroleum: An Undervalued E&P About To Begin Rewarding Shareholders
Summary Callon Petroleum Company is an independent exploration and production company that recently adjusted its portfolio to focus exclusively on the wealthy Permian Basin. The company has considerable reserves that should last for at least a decade. The company has been aggressively paying down its debt and just recently announced a $300 million share buyback program that reduces its float by 12%. The company is more leveraged than its peers, but it is a lot stronger than it was a few years ago. The stock is trading at a very cheap valuation relative to its forward earnings. Read the full article on Seeking Alpha분석 기사 • Jun 08
Do Callon Petroleum's (NYSE:CPE) Earnings Warrant Your Attention?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...분석 기사 • Mar 28
Is Callon Petroleum (NYSE:CPE) Using Too Much Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...분석 기사 • Feb 28
Should You Be Adding Callon Petroleum (NYSE:CPE) To Your Watchlist Today?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...분석 기사 • Dec 26
A Look At The Intrinsic Value Of Callon Petroleum Company (NYSE:CPE)
Key Insights Callon Petroleum's estimated fair value is US$30.8 based on 2 Stage Free Cash Flow to Equity Current share...분석 기사 • Nov 30
Callon Petroleum (NYSE:CPE) Takes On Some Risk With Its Use Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Seeking Alpha • Oct 26
Callon Petroleum: Debt Maturities Look Quite Manageable
Summary Callon extended its credit facility maturity to October 2027. It also has $508 million in notes maturing in 2025 and 2026. Callon is projected to generate close to $1 billion in positive cash flow in 2H 2022 and 2023 at the current strip. This would reduce its leverage below 1.0x by the end of 2023.Seeking Alpha • Sep 09
Callon Petroleum: Some Risks But Incredible Valuation
Summary Callon Petroleum is an independent E&P producing primarily crude oil in the rich Permian Basin. The company's oil-focused nature is a bit of a turn-off for me given that crude oil's fundamentals are not as good as many other fuels. The company is using hedges to protect itself against fluctuations in oil prices, although many of them are locked in at prices well below today's. The company is significantly levered compared to many of its peers, which creates risks that the company is working to address. Callon Petroleum's valuation is so compelling that it overcomes its weaknesses and makes the company worth considering as an investment. Callon Petroleum Company (CPE) is an independent exploration and production company that is focused on the acquisition, exploration, and development of various assets in the oil plays of West and South Texas. Admittedly, this alone does not tell us very much, as this could be a description of pretty much any Permian drilling company. The energy sector in general has been one of the best-performing ones this year, although it has admittedly lost a bit of its shine in recent weeks as energy prices have retreated a bit. Callon Petroleum has still delivered a reasonable return to its investors, though, as it is up 25.16% over the past twelve months. Despite this capital appreciation, though, Callon Petroleum appears to be remarkably undervalued at the current price, which may attract some investors to it. As is often the case with substantially undervalued companies, Callon Petroleum has some significant risks but is working hard to address them. Overall, the company might be worth considering, particularly given that the fundamentals point to energy prices remaining high or even increasing over the given year. About Callon Petroleum Company As stated in the introduction, Callon Petroleum Company is a relatively small exploration and production company that operates in various areas of West and South Texas: Callon Petroleum This is a very popular region for energy companies. Indeed, the Permian Basin that stretches across the entire area has been the focal point of the American energy renaissance that has taken place over the past decade. This makes a lot of sense given the tremendous amount of hydrocarbon resources located in the area. Indeed, the basin is generally considered to be the second-largest source of crude oil in the world, with the Energy Information Administration estimating that it still contains proven reserves of five billion barrels of crude oil and nineteen trillion cubic feet of natural gas despite the fact that the basin has been producing since the 1920s. It is important to note that this is the number of resources that could be economically produced at 2018's energy prices. As prices today are considerably higher, it is conceivable that the basin's proved reserves are higher than this today. The incredible mineral wealth of this region is reflected in Callon Petroleum's reserves. An energy company's reserves are often overlooked by investors, but they are critically important. This is because the production of crude oil and natural gas is by its very nature an extractive process. After all, the companies in this industry literally obtain the products that they sell by pulling them out of reservoirs in the ground. As these reservoirs only contain a finite quantity of resources, a company must continually discover or otherwise acquire new resources to replace those that are pulled out of the ground or it will eventually run out of products to sell. As a company's success at accomplishing this is by no means guaranteed, its reserves determine how long the company can continue to produce without having success at this task. As of December 31, 2021 (the most recent date for which data is available), Callon Petroleum had total reserves of 484.6 million barrels of oil equivalents: Callon Petroleum During the second quarter of 2022, Callon Petroleum produced an average of 100,700 barrels of oil equivalents per day. As such, the company currently has sufficient reserves to produce for just over 13 years at its current rate without discovering any new sources of resources. This is better than many of the majors and positions the company quite well going forward. One thing that we notice above is that Callon Petroleum is that it is heavily focused on the production of crude oil. Indeed, about 63% of its production and 82% of its revenue come from crude oil. Callon Petroleum consistently emphasizes this as a region to invest in the company, and indeed ten years ago it would have been. The fundamentals for natural gas back then were quite poor and the price was so low that it was pointless to attempt to bring the compound to the market. However, this has been changing. Over the past twelve months, natural gas at Henry Hub is up 61.30% while West Texas Intermediate crude oil is only up 20.55%. As we will see in just a bit, too, the demand for natural gas will likely increase much more than that for crude oil. Thus, I do not see Callon Petroleum's focus on crude oil to be nearly as much of an advantage as the company's management does. With that said, though, the price of both compounds is likely to increase, which should help Callon Petroleum's earnings. One thing that we have been seeing some other Permian Basin producers doing is increasing their production. This is in direct response to the surging oil prices that we have been seeing over the past year or two. Callon Petroleum is not an exception to this as the company intends to drill between 38 and 42 wells during the third quarter, which will increase the company's production to an average of 102,000 to 105,000 barrels of oil equivalents per day. Callon Petroleum also expects this to be its average over the course of 2022 as well, which implies that the company will increase its production further in the fourth quarter in order to offset its weaker average in the second quarter. It should be fairly obvious how a production increase will cause the company's revenues and profits to increase. After all, a higher level of production means that the company has more products to sell and earn money from so all else being equal, it will make more cash flow and profit. However, all else is rarely equal in the energy industry and this production increase is fairly meager. As such, a slight decline in energy prices, such as might accompany a recession, could more than wipe out the benefits from the production increase. Fortunately, Callon Petroleum has a way to protect itself against this. As with many other energy companies, Callon Petroleum uses hedges such as forward and futures contracts, to essentially lock in a selling price for its resources. Here are all the current hedges that the company has: Callon Petroleum There are both advantages and disadvantages to this. The advantages are that these hedges aid the company in keeping its financials relatively stable no matter what crude oil prices do as well as aiding its financial planning. After all, it is much easier to plan the company's finances when management knows exactly what price it will receive for some of its production. The disadvantage is that when energy prices increase quickly, as they did over the past year, then the company ends up locking in a price that is much less than the market price. We can see this above as Callon Petroleum's hedges have locked in prices ranging from $61.09 to $65.34 per barrel of crude oil. As of the time of writing, West Texas Intermediate is trading for $86.23 per barrel. While it may certainly be disappointing that the company is receiving less than market price for its products, it, fortunately, does not have all of its production hedged so it is still benefiting from today's high prices, just not as much as it would without the hedges. With that said though, the presence of the hedges is still beneficial considering that oil prices can go down and up. Fundamentals Of Hydrocarbons As we have just seen, Callon Petroleum focuses primarily on the production of crude oil. I was also somewhat critical of this practice given that the fundamentals of natural gas are much better than the fundamentals of crude oil. With that said though, crude oil demand is still expected to increase going forward, just not as much as natural gas. According to the International Energy Agency, the global demand for crude oil will increase by 7% over the next twenty years: Pembina Pipeline/Data from IEA 2021 World Energy Outlook The growing crude oil demand may be somewhat surprising considering that many of us live in nations in which the governments are actively trying to reduce crude oil consumption. However, it is a very different story in emerging markets. These nations are expected to see tremendous economic growth over the projection period, which will have the effect of listing the citizens of these nations out of poverty and putting them firmly in the middle class. These newly middle-class people will naturally begin to desire a lifestyle that is much closer to that of their counterparts in the developed world than it is today. This will require increased consumption of energy, including energy that is derived from crude oil. As the populations of these nations are significantly larger than the populations of the world's developed nations, the increasing demand for crude oil from these nations will more than offset the stagnant-to-declining demand in the world's developed nations. It is, however, unlikely that production will grow sufficiently to satisfy this projected demand growth. This is because of a few factors. The first, and most notable of which, is that the traditional energy industry has been significantly underinvesting in production and midstream capacity ever since the bear market of 2015. This is one of the biggest reasons why the offshore drilling industry never recovered from that event. In fact, Moodys recently stated that the industry must immediately increase upstream spending by $542 billion in order to avoid a supply shock. It is highly unlikely that energy companies in aggregate will increase spending to this degree. First of all, they are under tremendous pressure from politicians and environmental activists to improve the sustainability of their operations. In addition, the energy sector has been one of the worst performers in the market over the past decade and investors have been demanding improved performance. Thus, we will likely have a situation in which the demand for both natural gas and crude oil will increase by more than the supply of these compounds. According to the laws of economics, this results in rising prices. Naturally, rising prices for both products will benefit Callon Petroleum as it does produce both crude oil and natural gas despite being weighted heavily toward crude oil. This should likewise benefit investors in the company. Financial Considerations And Risks As stated earlier in the introduction, Callon Petroleum is not without risks. Perhaps the most significant of these risks is the company's debt load. The reason that a high debt load is concerning is that debt is a much riskier way to finance a company than equity because debt must be repaid at maturity. This is usually accomplished by a company issuing new debt to repay its maturing debt, which can cause its interest expenses to increase depending on conditions in the market. A second reason that high debt is concerning is that a company must make regular payments on its debt in order to remain solvent. Thus, a decline in cash flow could threaten a company's financial solvency if it has too much debt. This is especially a big concern in the energy industry as the volatile nature of commodity prices can cause cash flows to fluctuate much more than in many other sectors. One metric that we can use to evaluate a company's financial structure is the net debt-to-equity ratio. This ratio essentially tells us the degree to which a company is financing its operations with debt as opposed to wholly-owned funds. It also tells us how well the company's equity will cover its debt obligations in the event of a bankruptcy or liquidation event, which is arguably more important. As of June 30, 2022, Callon Petroleum had a net debt of $2.5102 billion compared to $2.2593 billion in shareholders' equity. This gives the company a net debt-to-equity ratio of 1.11. Here is how that compares to some of the company's peers: Company Net Debt-to-Equity Callon Petroleum 1.11 Continental Resources (CLR) 0.61 Matador Resources (MTDR) 0.40 Diamondback Energy (FANG) 0.39 Pioneer Natural Resources (PXD) 0.12 As we can clearly see, Callon Petroleum is substantially more levered than its peers. This is a warning sign to investors that the company may be using too much leverage in its financial structure. However, there are other warning signs too. Another metric that is frequently used to judge the leverage of upstream companies is the leverage ratio, which is also known as the net debt-to-EBITDAX ratio. In short, this ratio tells us how long (in years) it would take the company to completely pay off its debt if it were to devote all of its pre-tax cash flow to that task. At the end of the second quarter 2022, Callon Petroleum had a leverage ratio of 1.67x based on its trailing twelve-month EBITDAX. This is substantially higher than the 1.0x or lower ratios that many of its peers have and could likewise indicate that Callon Petroleum will struggle more than many other energy companies should some event cause its cash flows to decline.분석 기사 • Sep 05
A Look At The Fair Value Of Callon Petroleum Company (NYSE:CPE)
Does the September share price for Callon Petroleum Company ( NYSE:CPE ) reflect what it's really worth? Today, we will...Seeking Alpha • Aug 14
Callon Petroleum: Large Amount Of Debt Reduction Still Expected Despite Lower Strip Prices
Callon reduced its free cash flow projections for 2022, largely due to lower commodity prices. Despite this, Callon should still be able to bring down its net debt from its current $2.5 billion to under $1.3 billion by the end of 2023. This would leave Callon's leverage at a reasonable 0.7x. Getting its net debt down to that level would also result in Callon's shares then having significant upside in a long-term $70 WTI oil scenario. Callon Petroleum (CPE) lowered its free cash flow expectations for 2022 by approximately $150 million compared to early June. This reduction does not appear to be due to operational issues or cost inflation, though, but rather due to lower strip prices for 2022. Despite lower strip prices, Callon still appears capable of reducing its net debt to under $1.3 billion by the end of 2023, which would leave its leverage at a reasonable 0.7x. This is close to $500 million higher net debt than I had previously projected for Callon at the end of 2023, which does reduce Callon's estimated value. However, at long-term (after 2023) $70 WTI oil, I still estimate Callon's value at approximately $68 per share. Notes On Production And Guidance Callon's Q2 2022 production was affected by increased workover activity resulting in elevated downtime. Callon experienced a higher than typical level of well failures due to power disruptions and other issues, so during these outages it accelerated some of its workover activity (planned for later this year) into Q2. This hit Q2 2022 a bit, but downtime should be a bit less than previously expected during 2H 2022. Callon also converted a Midland Basin gathering contract from percentage of proceeds to fee-based. This increased its non-oil volumes. As a result, Callon bumped up its total production guidance for 2022 by 500 BOEPD at guidance midpoint, while its oil cut went down from 64% to 63%. Gathering costs for 2022 have increased by $5 million due to the contract conversion. Updated 2022 Outlook In early June, Callon had projected over $900 million in free cash flow for 2022. This has been reduced to around $750 million now, although the decrease is mostly due to lower commodity prices rather than operational issues or cost inflation. At the time Callon made that projection, the WTI strip for 2022 was approximately $11 higher than it is now. The current 2022 strip is now approximately $97 to $98 WTI oil and $7.30 Henry Hub natural gas. This is a level where Callon can generate $2.827 billion in oil and gas revenues before hedges, while its 2022 hedges have negative $490 million in estimated value. Type Barrels/Mcf $ Per Barrel/Mcf (Realized) $ Million Oil 23,799,825 $96.00 $2,285 NGLs 7,177,425 $40.00 $287 Natural Gas 40,799,700 $6.25 $255 Hedge Value -$490 Total Revenue $2,337 Callon is now expected to generate $752 million in positive cash flow in 2022. $ Million Lease Operating Expense $285 Gathering, Processing, and Transportation $80 Production and Ad Valorem Taxes $170 G&A and Other (Cash Basis) $90 Cash Interest $160 Operational Capital Expenditures $800 Total Expenses $1,585 This should allow Callon to reduce its net debt below $2.1 billion by the end of 2022. Potential 2023 Outlook And Valuation For 2023, Callon's hedges have approximately negative $30 million in estimated value at the current mid-$80s WTI strip. Due to its reduced hedges, Callon may still be able to generate $800+ million in positive cash flow in 2023 with mid-$80s WTI oil. This would be higher than its 2022 cash flow.분석 기사 • Jul 23
Here's Why Callon Petroleum (NYSE:CPE) Has A Meaningful Debt Burden
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Seeking Alpha • Jun 14
Callon Petroleum May Be Able To Generate $2 Billion In Positive Cash Flow By The End Of 2023
Callon Petroleum is projected to generate around $2 billion in positive cash flow in 2022 and 2023 combined at current strip. This would allow it to pay off its credit facility debt, redeem its 2024 to 2026 note maturities and have $500 million in cash at the end of 2023. Thus, return of capital to shareholders in 2023 is feasible. This scenario would also have Callon's leverage being reduced to 0.4x by the end of 2023.Seeking Alpha • May 03
Callon Petroleum: May Be Able To Reduce Its Net Debt By 60% Over Next 2 Years
Callon is projected to generate over $1.6 billion in positive cash flow by the end of 2023 at the current strip. This would allow it to reduce its net debt by 60% over that time frame. This also assumes some cost inflation compared to Callon's February guidance. Callon's share price is being held down by its debt, but there is a good pathway for addressing its debt, assuming that oil prices remain strong in the near term.분석 기사 • Apr 07
Callon Petroleum (NYSE:CPE) Has A Somewhat Strained Balance Sheet
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Seeking Alpha • Mar 01
Callon Petroleum: Net Debt May Be Reduced To Under $2 Billion By End Of 2022
Callon is now projected to generate $724 million in positive cash flow in 2022 at current strip. This would allow it to reduce its net debt to under $2 billion by the end of 2022. Callon also appears capable of reducing its leverage to 1.0x or less by the end of 2023 if oil averages $70 in 2023 (after low-$90s in 2022). Callon is reasonably priced for a long-term mid-$60s WTI oil scenario and should have upside in a $70+ long-term oil scenario.주주 수익률
| CPE | US Oil and Gas | US 시장 | |
|---|---|---|---|
| 7D | -0.8% | -5.1% | 2.1% |
| 1Y | -3.3% | 29.2% | 30.6% |
수익률 대 산업: CPE은 지난 1년 동안 29.2%의 수익을 기록한 US Oil and Gas 산업보다 저조한 성과를 냈습니다.
수익률 대 시장: CPE은 지난 1년 동안 30.6%를 기록한 US 시장보다 저조한 성과를 냈습니다.
주가 변동성
| CPE volatility | |
|---|---|
| CPE Average Weekly Movement | 4.6% |
| Oil and Gas Industry Average Movement | 6.0% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.1% |
| 10% least volatile stocks in US Market | 3.2% |
안정적인 주가: CPE는 지난 3개월 동안 US 시장에 비해 주가 변동성이 크지 않았습니다.
시간에 따른 변동성: CPE의 주간 변동성(5%)은 지난 1년 동안 안정적이었습니다.
회사 소개
| 설립 | 직원 수 | CEO | 웹사이트 |
|---|---|---|---|
| 1950 | 281 | Joe Gatto | www.callon.com |
Callon Petroleum Company 기초 지표 요약
| CPE 기초 통계 | |
|---|---|
| 시가총액 | US$2.38b |
| 순이익 (TTM) | US$401.20m |
| 매출 (TTM) | US$2.34b |
5.9x
주가수익비율(P/E)1.0x
주가매출비율(P/S)CPE는 고평가되어 있습니까?
공정 가치 및 평가 분석 보기순이익 및 매출
| CPE 손익계산서 (TTM) | |
|---|---|
| 매출 | US$2.34b |
| 매출원가 | US$924.34m |
| 총이익 | US$1.42b |
| 기타 비용 | US$1.02b |
| 순이익 | US$401.20m |
최근 보고된 실적
Dec 31, 2023
다음 실적 발표일
해당 없음
| 주당순이익(EPS) | 6.03 |
| 총이익률 | 60.55% |
| 순이익률 | 17.12% |
| 부채/자본 비율 | 48.1% |
CPE의 장기 실적은 어땠습니까?
과거 실적 및 비교 보기기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2024/04/01 16:28 |
| 종가 | 2024/04/01 00:00 |
| 수익 | 2023/12/31 |
| 연간 수익 | 2023/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
|
|
| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
|
* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.
분석 모델 및 스노우플레이크
이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.
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산업 및 섹터 지표
산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.
분석가 소스
Callon Petroleum Company는 30명의 분석가가 다루고 있습니다. 이 중 4명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Hsulin Peng | Baird |
| Randy Ollenberger | BMO Capital Markets Equity Research |
| Asit Sen | BofA Global Research |