Cat not coming home at night

I have an outdoor cat that likes to stay out at night. Problem is there are coyotes in our area that hunt dusk and dawn. It has been suggested to me to punish my cat the morning he comes home by not letting him out side the following day. I know cats have memories but will he associate the punishment with not coming home the night before? I feed him in the morning. Then again at night. I treat him when he comes home. What else can I do? I don't sleep well when he's out. I'll wake up through the night to call him.