Analyst Rating Update on Callon Petroleum Company (CPE)

Callon Petroleum Company (CPE) : 14 brokerage houses believe that Callon Petroleum Company (CPE) is a Strong Buy at current levels. 1 Analyst considers the fundamentals to be worthy of a Buy recommendation. Zacks Investment Research suggests a Buy with a rank of 2.The median of all the 15 Wall Street Analysts endorse the stock as a Strong Buy with a rating of 1.07.

Callon Petroleum Company (CPE) : The most positive equity analysts on Callon Petroleum Company (CPE) expects the shares to touch $18, whereas, the least positive believes that the stock will trade at $11 in the short term. The company is covered by 15 Wall Street Brokerage Firms. The average price target for shares are $14.83 with an expected fluctuation of $2.05 from the mean.

For the current week, the company shares have a recommendation consensus of Buy. Also, Equity Analysts at the Brokerage Firm, Citigroup, maintains their rating on the shares of Callon Petroleum Company (NYSE:CPE). Citigroup has a Neutral rating on the shares. As per the latest research report, the brokerage house raises the price target to $12.5 per share from a prior target of $12. The rating by the firm was issued on July 18, 2016.


Callon Petroleum Company (NYSE:CPE): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $10.75 and $10.63 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $11.44. The buying momentum continued till the end and the stock did not give up its gains. It closed at $11.43, notching a gain of 6.72% for the day. The total traded volume was 4,572,037 . The stock had closed at $10.71 on the previous day.

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.

Leave a Reply

Get Pre-Market Alerts!

Get Pre-Market Analysts' Upgrades, Downgrades, Earnings & Initiations with our FREE daily email newsletter.