Canaccord Genuity Reiterates a 'Buy' on Callon Petroleum (CPE); Setting Stage For Several Catalysts

Canaccord Genuity reiterates a 'Buy' on Callon Petroleum (NYSE: CPE) price target of $9.50.

Analyst, Marcus Talbert, said, "We are reiterating our rating and price target following Callon’s latest financial results and project updates. We remain constructive on the company’s emerging oily asset base and onshore transformation potential. In our view, the ‘12 Permian testing activities (Wolfcamp and Cline) have the potential to de-risk a significant amount of resource potential for Callon and drive incremental NAV/share price accretion. We believe CPE’s Permian growth objectives are realistic and onshore project execution should serve as the primary catalyst in ‘12."

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 $4.87 yesterday.

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