Jefferies Lowers Price Target & Raises Estimates on Callon Petroleum (CPE), Maintains Hold Rating

Jefferies is maintaining its Hold rating on shares of Callon Petroleum (NYSE: CPE) and is lowering its price target from $7.30 to $7.00.

The firm is raising its 2011 and 2012 EPS estimates from $0.50 and $0.25 to $0.45 and $0.70.

Jefferies revisions are driven by increases to its '11 and '12 oil price deck to $105/bbl and $100/ bbl from $85. The firms long-term oil price estimate of $85/bbl remains unchanged.

Oil and gas averaged $94.85/$4.20 in q1 '11 versus $85.16/$3.80 in q4 '10 and $78.84/$5.09 in q1 '10. Our '11, '12, and long-term natural gas price deck of $4.10/mcf, $5.00/mcf, and $5.00/mcf also remain unchanged.

For more ratings news on Callon Petroleum click here and for the rating history of Callon Petroleum click here.

Shares of Callon Petroleum closed at $7.43 yesterday.

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