Williams Capital Keeps Their Buy Rating on Callon (CPE)


Williams Capital analyst Gabriele Sorbara reiterated a Buy rating on Callon (CPE) today and set a price target of $12. The company’s shares closed yesterday at $7.79.

Sorbara said:

“We are not surprised by the Ranger sale as chaer about the assets being marketed started back in early February. We view the transacon as posive as it improves the company’s bal ance sheet and liquidity, as well as high-grades its porolio. With the a nnounced transacons, we model a ~0.4x and ~0.3x improvement to its 2019 and 2020 net-debt/EBITDA metrics, respecvely, as well as to its EV/EBIT DA valuaon. We expect CPE shares to outperform on the announced transacons . We reaffirm our Buy rang and CPE remains our top pick small-cap on our high convicon in management’s ability to execute on its plans and c ross over to a sustainable free cash flow model.”

According to TipRanks.com, Sorbara is ranked 0 out of 5 stars with an average return of -6.5% and a 38.2% success rate. Sorbara covers the Basic Materials sector, focusing on stocks such as Gulfport Energy Corp, Extraction Oil & Gas, and Oasis Petroleum Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Callon with a $11.11 average price target, which is 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.

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