Notable News to Focus: Callon Petroleum Company (NYSE:CPE)

Callon Petroleum Company (NYSE:CPE) stock observed trading -47.58% off 52-week high price. On the other end, the stock has been noted 29.63% away from low price over the last 52-weeks. The stock disclosed a move of 11.47% away from 50 day moving average and -18.59% away from 200 day moving average. Moving closer, we can see that shares have been trading 11.97% off 20-day moving average. It has market cap of $1.09B.

On Dec. 20, 2019, Callon Petroleum Company (NYSE:CPE) notified that both companies’ common shareholders voted to approve all proposals necessary for the parties’ pending all-stock transaction at ‘s respective special meetings held by each company. The merger is expected to close by end of business, December 20, 2019. Under the terms of the merger agreement, Carrizo shareholders will receive 1.75 shares of Callon common stock for each share of Carrizo common stock they own.

We appreciate the strong support we received for our combination, said Joe Gatto, President and Chief Executive Officer of Callon. Together with Carrizo, we are creating a leading oil and gas company that is positioned to accelerate the achievement of our stated goals regarding increasing returns on capital and sustainable free cash flow generation. As a larger enterprise, we will employ a more efficient scaled development model that will drive a lower cost of supply and underpin resilient performance over time. We look forward to delivering to our shareholders and other stakeholders the significant benefits we believe this combination provides.

 The USA based company Callon Petroleum Company moved with change of -3.60% to $4.55 with the total traded volume of 43308587 shares in recent session versus to an average volume of 17.90M shares. The stock was observed in the 5 days activity at 7.06%. The one month performance of stock was 25.69%. CPE’s shares are at 0.89% for the quarter and driving a -28.68% return over the course of the past year and is now at -29.89% since this point in 2018.  Right now the stock beta is 1.51. The average volatility for the week and month was at 5.38% and 5.01% respectively. There are 238.59M shares outstanding and 226.55M shares are floated in market.

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