Callon Petroleum Company (CPE) Receives ‘Analyst’ Rating

Callon Petroleum Company (CPE) : Zacks Investment Research ranks Callon Petroleum Company (CPE) as 3, which is a Hold recommendation. 14 research analysts consider that the stocks fundamentals point to a bright future, hence they rate the stock as a Strong Buy. 2 other analysts are mildly bullish on the stock and favor a Buy. The average broker rating of 16 research analysts is 1.13, which indicates as a Strong Buy.

Callon Petroleum Company (CPE) : The most positive equity analysts on Callon Petroleum Company (CPE) expects the shares to touch $20, whereas, the least positive believes that the stock will trade at $11 in the short term. The company is covered by 17 Wall Street Brokerage Firms. The average price target for shares are $17.32 with an expected fluctuation of $1.91 from the mean.


Also, In the latest statement by the brokerage house, KeyBanc maintains its outlook on Callon Petroleum Company (NYSE:CPE). The current rating of the shares is Overweight, according to the research report released by the firm. The brokerage firm raises the price target from $14 per share to $16 per share. The rating by the firm was issued on August 22, 2016.

Callon Petroleum Company (NYSE:CPE): After opening at $14.23, the stock dipped to an intraday low of $13.98 on Thursday. However, the bulls stepped in to buy at lower levels and pushed the stock higher. The stock touched an intraday high of $14.45 and the buying power remained strong till the end. The stock closed at $14.19 for the day, a gain of 0.42% for the day session. The total traded volume was 5,179,662. The stocks close on the previous trading day was $14.13.

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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