I'd tend to use analytic functions
SELECT monitor_id,
host_name,
calibration_date,
value
FROM (SELECT b.monitor_id,
b.host_name,
a.calibration_date,
a.value,
rank() over (partition by b.monitor_id order by a.calibration_date desc) rnk
FROM table_name a,
table_name2 b
WHERE a.some_key = b.some_key)
WHERE rnk = 1
You could also use correlated subqueries though that will be less efficient
SELECT monitor_id,
calibration_date,
value
FROM table_name a
WHERE a.calibration_date = (SELECT MAX(b.calibration_date)
FROM table_name b
WHERE a.monitor_id = b.monitor_id)
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