MLV & Co Expects Third Rig to Drive Meaningful 2015 Production Growth for Callon Petroleum Company

In a report published Friday, MLV & Co analyst Chad Mabry reiterated a Buy rating and $14.00 price target on

. In the report, MLV & Co noted, “CPE reported Q2'14 adj. EPS of $0.14, coming in below our $0.17 estimate but in line with consensus. Adj. EPS excludes (net of tax) a $2 million unrealized loss on derivatives, a $3 million unrealized charge on stock awards, a $2 million gain on the redemption of debt, and small non-recurring G&A expenses. CFPS of $0.55 just missed the consensus and our estimate of $0.59. Lower-than-expected operating expenses were offset by higher G&A and interest expenses. Q2'14 production of 5.3 MBoe/d was 4% above our estimate and the consensus on higher oil sales.” Callon Petroleum Company closed on Thursday at $9.12.