UPDATE: Sterne Agee Initiates Callon Petroleum at Buy on Promising Drilling Results
In a report published Friday, Sterne Agee analyst Tim Rezvan initiated coverage on Callon Petroleum (NYSE: CPE) with a Buy rating and a price target of $4.75.
In the report, Sterne Agee cited, “We believe Callon is at a liquidity inflection point, in advance of a large non-core asset sale in the deepwater Gulf of Mexico expected by year-end. This liquidity event dovetails nicely with the company entering development mode in several of its delineated Permian Basin properties, giving good line of sight on a multi-year period of strong oil growth.”
Callon Petroleum closed Thursday at $3.44.
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