UPDATE - Canaccord Genuity Initiates Coverage on Callon Petroleum (CPE) with a Buy; Strategically Repositioning Into a Low-risk, Oily Onshore Producer

FREE Breaking News Alerts from StreetInsider.com!

CPE Hot Sheet

Rating Summary:
4 Buy, 2 Hold, 0 Sell

Rating Trend:

Up

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

UPDATE - Canaccord Genuity initiates coverage on Callon Petroleum (NYSE: CPE) with a Buy. PT $7.50.

Canaccord analyst, Marcus Talbert, said, "We are constructive on the company’s oily asset base and transformation potential. Furthermore, Callon has a seasoned management team, a de-risked development strategy and a strong liquidity position. In our view, Callon is well positioned to outperform expectations based on its accelerated transformation schedule and very achievable execution objectives. We believe project execution will drive multiple expansion into 2012 and note that Callon currently trades at a 50% discount to the Permian peer group despite its above-average growth prospects."

To see more ratings on CPE, Click Here

Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!