NEW YORK ( TheStreet) -- Shares of Callon Petroleum Company (NYSE: CPE) were gapping down Tuesday morning with an open price 11.9% lower than Monday's closing price. The stock closed at $7.15 Monday and opened today's trading at $6.30. The average volume for Callon has been 781,800 shares per day over the past 30 days. Callon has a market cap of $204.4 million and is part of the basic materials sector and energy industry. Shares are up 20.8% year to date as of the close of trading on Monday. Callon Petroleum Company engages in the acquisition, exploration, development, and production of crude oil and natural gas properties in the onshore in Louisiana and Texas, and the offshore waters of the Gulf of Mexico. The company has a P/E ratio of 2.6, equal to the average energy industry P/E ratio and below the S&P 500 P/E ratio of 16.1. TheStreet Ratings rates Callon as sell. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally weak debt management. You can view the full Callon Ratings Report. Get more investment ideas from our investment research center. Interested in other stocks that are gapping down? Get free SMS text alerts sent to you when the action happens by texting DOWN to 95370 or select from multiple alert options.