UPDATE: BMO Capital Starts Callon Petroleum (CPE) at Outperform
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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.
Shares of Callon Petroleum closed at $14.90 yesterday.
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