Imperial Capital Reiterates Outperform on Callon Petroleum (CPE) Following 2Q
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Imperial Capital reiterated an Outperform rating on Callon Petroleum (NYSE: CPE), and raised the price target to $16.00 (from $14.00), following the company's 2Q earnings report. The company is planning on adding a third rig when the conditions support it.
Management believes the infrastructure must be fully set up to achieve the highest efficiencies, and thus at Ranger and WildHorse it will focus on infrastructure over the foreseeable future.
Analyst Kim Pacanovsky commented, "We are maintaining our Outperform rating on CPE shares and are raising our one-year price target to $16 from $14, about 25% above the recent share price. On 8/816, Callon announced its 2Q16 earnings results. We dismiss the company’s production shortfall as it was related to an unusual confluence of events out of CPE’s control, and instead look to its ability to grow with excellent returns while keeping activity close to discretionary cash flow. Drilling results in all three operating regions support the company’s addition of its second rig, even in this price environment. CPE continues to be one of our top picks."
Shares of Callon Petroleum closed at $12.84 yesterday.
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