Northland Securities analyst Jeff Grampp reiterated a Buy rating on Callon (CPE) today and set a price target of $11. The company’s shares closed yesterday at $7.79.
Grampp wrote:
“We are encouraged with management’s ability to execute on a non-core sale at a solid price that generates meaningful proceeds to reduce leverage from a property that was not attracting capital. We reiterate our Outperform rating and $11 PT.”
According to TipRanks.com, Grampp is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -6.3% and a 41.5% success rate. Grampp covers the Basic Materials sector, focusing on stocks such as Sundance Energy Australia, Penn Virginia Corporation, and SilverBow Resources Inc.
Currently, the analyst consensus on Callon is a Moderate Buy with an average price target of $11.11, a 42.6% upside from current levels. In a report released today, Oppenheimer also maintained a Buy rating on the stock with a $13 price target.
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The company has a one-year high of $14.65 and a one-year low of $5.57. Currently, Callon has an average volume of 5.79M.
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Callon Petroleum Co. engages in the exploration, development, acquisition, and production of oil and natural gas properties. It focuses on unconventional oil and natural gas reserves in the Permian Basin. The company was founded by Sim C. Callon and John S. Callon in 1950 and is headquartered in Houston, TX.
