5 Best Undervalued Stocks To Buy Now

3. Callon Petroleum Company (NYSE:CPE)

Forward P/E ratio as of December 19: 2.20

Number of Hedge Fund Holders: 21

Callon Petroleum Company (NYSE:CPE) is an independent oil and natural gas company that engages in the exploration, acquisition, development, and production of natural gas and oil properties. The company primarily operates in the Permian Basin region of West Texas and southeastern New Mexico.

On November 2, 2022, Callon Petroleum Company (NYSE:CPE) reported its Q3 2022 result. The sales for the quarter were reported at $835.88 million, beating market expectations by $145.76 million. The Normalized EPS of the company during the quarter stood at $4.04. Joe Gatto, president, and CEO of the company, while commenting on the results, mentioned that the company experienced substantial production growth this quarter due to enhanced well productivity and completion efficiencies that improved cycle times for bigger projects.

As per Insider Monkey’s database, 21 hedge funds remained bullish on Callon Petroleum Company (NYSE:CPE) at the end of the third quarter. Marshall Wace LLP had the biggest stake in the company at the end of the third quarter.