Callon Petroleum Company (CPE) : Analyst Rating Update

Callon Petroleum Company (CPE) : 14 brokerage houses believe that Callon Petroleum Company (CPE) is a Strong Buy at current levels. Zacks Investment Research suggests a Buy with a rank of 2.The median of all the 14 Wall Street Analysts endorse the stock as a Strong Buy with a rating of 1.

Callon Petroleum Company (CPE) : The consensus price target for Callon Petroleum Company (CPE) is $14.16 for the short term with a standard deviation of $1.8. The most optimist securities analyst among the 14 who monitor the stock believes that the stock can reach $18, however, the pessimist price target for the company is $11.

Callon Petroleum Company (NYSE:CPE): The stock opened at $11.40 on Wednesday but the bulls could not build on the opening and the stock topped out at $11.68 for the day. The stock traded down to $11.32 during the day, due to lack of any buying support eventually closed down at $11.51 with a loss of -0.43% for the day. The stock had closed at $11.56 on the previous day. The total traded volume was 2,036,811 shares.

Also, Citigroup initiates coverage on Callon Petroleum Company (NYSE:CPE) . The global brokerage major announces a current price target of $12 per share. Analysts at the Citigroup have a current rating of Neutral on the shares. The rating by the firm was issued on June 29, 2016. The company shares have rallied 62.13% from its 1 Year high price. On Jun 8, 2016, the shares registered one year high at $12.56 and the one year low was seen on Jan 20, 2016. The 50-Day Moving Average price is $11.54 and the 200 Day Moving Average price is recorded at $8.87.

Callon Petroleum Company is an independent oil and natural gas company. The Company is engaged in the exploration, development, acquisition and production of oil and natural gas properties. The Company is focused on unconventional, onshore, oil and natural gas reserves in the Permian Basin in West Texas and the Midland Basin. Its asset base is concentrated in the Midland Basin located within the broader Permian Basin. Its operations are focused on horizontal drilling of several prospective intervals, including multiple levels of the Wolfcamp formation. The Company operates two horizontal drilling rigs focused on four prospective zones for development. The Company drilled approximately 27 gross (24.4 net) horizontal and 7 gross (4.3 net) vertical wells, while completing around 31 gross (27.3 net) horizontal and 5 gross (3.1 net) vertical wells. The Company also owns 6,230 gross (3,862 net) acres located in Midland, Andrews and Martin Counties.

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