Canaccord Genuity Reiterates Hold Rating, $5.50 PT on Callon Petroleum Company

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In a report published Monday, Canaccord Genuity reiterated its Hold rating and $5.50 price target on Callon Petroleum Company
CPE
. Canaccord Genuity noted, “Callon has ~32.5K net 100% operated acres in the Permian Basin, a meaningful position for a company its size. Initial horizontal Wolfcamp results have been good, and the company has begun testing other formations in the Northern Midland Basin that could become value adders in 2013. GOM assets generate strong, fairly consistent cash flow to support solid onshore growth. All this said, we have not seen enough horizontal well results yet in the Permian to be more positive on the stock, and therefore maintain our HOLD rating.” Callon Petroleum Company closed on Friday at $4.53.
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Posted In: Analyst ColorReiterationAnalyst RatingsCanaccord Genuity
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