Canaccord Genuity Reiterates a 'Buy' on Callon Petroleum (CPE); Multiple Horizontal Concepts Reveal Onshore Running Room
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Price: $35.76 --0%
Rating Summary:
18 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 24
Rating Summary:
18 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 24
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Canaccord Genuity reiterates a 'Buy' on Callon Petroleum (NYSE: CPE) price target raised to $10.00.
Analyst, Marcus Talbert, said, "We are reiterating our rating and raising our price target following Callon’s F2011 financial update and conference call insights we picked up. We remain constructive on the company’s emerging oily asset base and onshore transformation potential. In our view, the ‘12 Permian testing activities (Wolfcamp/Cline/Strawn) have the potential to de-risk a significant amount of resource potential for Callon and drive incremental NAV/share price accretion. We continue to believe Callon’s Permian growth objectives are realistic and onshore project execution should serve as the primary catalyst for multiple expansion in ‘12."
"In our view, Callon represents one of the best transformational values in the Permian trend. We continue to believe Callon is too inexpensive (trading at 1.9x ‘13E EV/EBITDAX for a company with its resource and growth potential."
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 $7.23 yesterday.
Analyst, Marcus Talbert, said, "We are reiterating our rating and raising our price target following Callon’s F2011 financial update and conference call insights we picked up. We remain constructive on the company’s emerging oily asset base and onshore transformation potential. In our view, the ‘12 Permian testing activities (Wolfcamp/Cline/Strawn) have the potential to de-risk a significant amount of resource potential for Callon and drive incremental NAV/share price accretion. We continue to believe Callon’s Permian growth objectives are realistic and onshore project execution should serve as the primary catalyst for multiple expansion in ‘12."
"In our view, Callon represents one of the best transformational values in the Permian trend. We continue to believe Callon is too inexpensive (trading at 1.9x ‘13E EV/EBITDAX for a company with its resource and growth potential."
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 $7.23 yesterday.
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