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Callon Petroleum Company Message Board

  • stwyl stwyl Mar 18, 2013 2:27 PM Flag

    Canaccord just lowered their price target

    In a report published Monday, Canaccord Genuity analyst Stephen Berman reiterated a Hold rating on Callon Petroleum Company, but slightly lowered the price target from $5.50 to $5.00.

    In the report, Berman noted, “Callon has ~36.5K acres in the Midland Basin. Initial horizontal (Hz) Wolfcamp wells were good, but there have not been any results announced recently, other than a non-commercial Cline Shale test in the Northern Midland, to help us gain more confidence in CPE's ability to transition onshore. Along with our forecast for flat FY13 production growth and tight liquidity, we remain on the sidelines with a HOLD rating and lower our price target to $5 from $5.50.”

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