UPDATE: BMO Capital Starts Callon Petroleum (CPE) at Outperform

September 22, 2016 6:51 AM EDT
Get Alerts CPE Hot Sheet
Price: $15.03 -0.99%

Rating Summary:
    21 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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(Updated - September 22, 2016 8:51 AM EDT)

BMO Capital initiated coverage on Callon Petroleum (NYSE: CPE) with an Outperform rating and a price target of $20. Analyst Dan McSpirit highlighted attractive relative value, along with growth and a strong balance sheet.

"We believe the depth and breadth of oilweighted inventory captured in the Midland Basin affords investors exposure to low breakeven resource potential that can drive top-tier returns and debt-adjusted growth, results we believe stand out in today's low commodity price environment. The capital structure already in place allows this value to be brought forward at a pace that could result in greater transparency of the intrinsic value of the shares, in our view. Add to this a strong balance sheet and you have a defensive quality fitting for the same lowfor-longer oil price tape," said McSpirit.

For an analyst ratings summary and ratings history on Callon Petroleum click here. For more ratings news on Callon Petroleum click here.

Shares of Callon Petroleum closed at $14.90 yesterday.

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