Mizuho Securities Starts Callon Petroleum (CPE) at Neutral
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Mizuho Securities initiates coverage on Callon Petroleum (NYSE: CPE) with a Neutral rating and a price target of $16.00.
Analyst Timothy Rezvan commented, "At ~$15/share, we like Callon the company more than we like CPE shares as an investment. Sustained outperformance versus both the industry and Permian peers since '15 has whittled away much of the once-intriguing relative valuation disparity. Pricing on September's acreage acquisition appears rich, although Callon funded the deal with rich equity currency. Concerns linger on the company's checkerboard acreage position in Midland County, which limits wells' lateral length. With the investment community's awareness of the depth/quality of Callon's acreage reflected in CPE shares, we see limited stock-specific upside from here."
Shares of Callon Petroleum closed at $15.37 yesterday.
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