In a report published Friday, Sterne Agee analyst Tim Rezvan initiated coverage on Callon Petroleum 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
