Mario Gabelli Was Right About These 3 Stocks

In this article, we discuss the 3 stocks that Mario Gabelli was right about. If you want to read about some more stocks that Mario Gabelli was right about, go directly to Mario Gabelli Was Right About These 5 Stocks. 

3. Callon Petroleum Company (NYSE:CPE)

Number of Hedge Fund Holders: 22 

Percentage Increase in Share Price (YTD): 20.74%

Callon Petroleum Company (NYSE:CPE) is an oil and gas firm. Regulatory filings show that GAMCO Investors owned 5,340 shares of Callon Petroleum Company (NYSE:CPE) at the end of March 2022 worth $315,000, representing a small portion of the portfolio. The company posted earnings for the first quarter of 2022 on May 4, reporting earnings per share of $3.43, beating market estimates by $0.08. The revenue over the period was $664 million, up over 84% compared to the revenue over the same period last year. 

On March 8, Truist analyst Neal Dingmann upgraded Callon Petroleum Company (NYSE:CPE) stock to Buy from Hold and raised the price target to $100 from $64, noting that the Buy rating was warranted based on forecasts for earnings, free cash flow, and trading multiples.

At the end of the first quarter of 2022, 22 hedge funds in the database of Insider Monkey held stakes worth $156 million in Callon Petroleum Company (NYSE:CPE), compared to 24 in the previous quarter worth $80 million. Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Millennium Management is a leading shareholder in Callon Petroleum Company (NYSE:CPE), with 762,670 shares worth more than $45 million.