NEW YORK (TheStreet) -- Shares of Callon Petroleum Co. (CPE) - Get Report are down by 3.89% to $ 7.16 on heavy volume in mid-morning trading on Thursday, after the independent oil and natural gas company reported its 2014 fourth quarter earnings results which missed analysts' estimates.

For the most recent quarter Callon Petroleum said its adjusted earnings were 5 cents per diluted share versus the 7 cents analysts polled by Zacks Investment Research were expecting.

Total revenue for the 2014 fourth quarter was $38.4 million versus the $46 million analysts had forecast.

"While we have tempered our growth expectations in the current commodity price environment, we remain focused on delivering value to shareholders through a two-rig horizontal drilling program across our concentrated asset base in the Midland basin," company CEO Fred Callon said in a statement.

Separately, TheStreet Ratings team rates CALLON PETROLEUM CO/DE as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CALLON PETROLEUM CO/DE (CPE) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income and good cash flow from operations. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."

You can view the full analysis from the report here: CPE Ratings Report

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