Barclays Upgrades Callon Petroleum (CPE) to Overweight

Barclays analyst Jeanine Wai upgraded Callon Petroleum (NYSE: CPE) from Equalweight to Overweight with a price target of $9.00.

The analyst comments "In our view, CPE offers a better risk-adjusted high-leverage oil beta play. CPE is at a discount on our oil maintenance-adjusted DACF at strip given a high oil mix, modest base declines related to a relatively mature production base, and capital efficiency momentum with its transition to larger Delaware pads. CPE recently trimmed its 2019 capex guide, signaling limited risk to a capex overrun, and still targets positive FCF with ~15% y/y production growth in 2020."

For an analyst ratings summary and ratings history on Callon Petroleum click here. For more ratings news on Callon Petroleum click here.

Shares of Callon Petroleum closed at $6.59 yesterday.

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