In a report released yesterday, Stephen Richardson from Evercore ISI maintained a Hold rating on Callon (CPE), with a price target of $12. The company’s shares opened today at $4.90, close to its 52-week low of $4.13.
Richardson said:
“We see further improvement in LOE in 3Q before blending in higher CRZO LOE in 4Q (reported ~$7.50/boe in 1Q) which we expect the combined co to actively work down during 2020.”
According to TipRanks.com, Richardson is a 1-star analyst with an average return of -3.9% and a 38.6% success rate. Richardson covers the Basic Materials sector, focusing on stocks such as Oasis Petroleum Inc, Southwestern Energy, and Marathon Oil.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Callon with a $9.36 average price target, representing a 91.0% upside. In a report issued on August 5, Morgan Stanley also maintained a Hold rating on the stock with a $6.25 price target.
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Based on Callon’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $19.54 million. In comparison, last year the company had a net profit of $50.47 million.
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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.
