Compared to Estimates, Callon (CPE) Q2 Earnings: A Look at Key Metrics
Callon Petroleum (CPE) 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 Company (CPE) : Free Stock Analysis Report
