Stock Alert: Callon Petroleum Jumps 48%

(RTTNews) - Shares of Callon Petroleum Co. (CPE) are surging almost 48 percent or $0.66 in Monday's morning trade at $2.04 despite no stock-specific news. The stock has traded in a range of $0.38 to $7.01 in the past 52 weeks.

Houston, Texas-based Callon Petroleum is an independent oil and natural gas company.

U.S. stocks are higher on Monday with traders remaining optimistic about a quick economic recovery as businesses begin to reopen following the coronavirus lockdown.

While the West Texas Intermediate or WTI crude oil price is lower by more than 1 percent on Monday, it gained 5.7 percent on Friday and is in rally mode recently amid optimism about increased energy demand as businesses across the globe reopen following several weeks of lockdown. Energy demand is expected to see a notable surge over the coming months.