UPDATE: Canaccord Genuity Starts Callon Petroleum (CPE) at Buy

(Updated - October 20, 2015 9:34 AM EDT)

Canaccord Genuity initiated coverage on Callon Petroleum (NYSE: CPE) with a Buy rating and a price target of $12.00.

Canaccord Genuity analyst Sam Burwell said "We believe CPE offers a very strong production growth profile through 2017. Additionally, the company's capital efficiency is highlighted by the modest outspend we project through 2017 and top-tier cash-on-cash returns. All the while, shares trade at a discount to the Permian peer group. A position in the core of the Midland Basin makes CPE a logical takeover candidate in our estimation as well. We initiate with a BUY rating as one of our top picks."

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 $8.76 yesterday.

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