Benzinga | Dec 2, 2020 02:04PM EST

Why Callon Petroleum's Stock Is Trading Higher Today

Callon Petroleum Company (NYSE:CPE) shares were trading higher on Wednesday.

The shares of several oil companies are trading higher as oil gains despite a smaller-than-expected draw in US crude inventories as traders await output cut clarity.

Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, exploration, and development of oil and natural gas properties in Permian Basin in West Texas.

Callon Petroleum Company shares were trading up 14.11% at $10.92. The stock has a 52-week high of $49.80 and a 52-week low of $3.80.