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Callon Petroleum Company (CPE) [hlAlert]

Rating:
Hold CPE
down 33.52 %

Callon Petroleum Company (CPE) downgraded to Hold with price target $5.50 by Canaccord Genuity

Posted on: Tuesday,  Dec 4, 2012  9:25 AM ET by Canaccord Genuity

Canaccord Genuity rated Hold Callon Petroleum Company (NYSE: CPE) on 12/04/2012. Previously Canaccord Genuity rated Buy Callon Petroleum Company (NYSE: CPE) on
03/19/2012., when the stock price was $7.07. Since then, Callon Petroleum Company has lost 33.52% as of 12/04/2012's recent price of $4.70.
If you would have followed the previous Canaccord Genuity's recommendation on CPE, you would have lost 33.52% of your investment in 260 days.

Callon Petroleum Company (Callon) is engaged in the exploration, development, acquisition and production of oil and gas properties. The Company?s properties are geographically concentrated primarily offshore in the Gulf Coast Region both onshore and offshore. As of December 31, 2008, Callon owned working interests in a total of 86 blocks/leases covering 193,000 net acres. As of December 31, 2008, the Company?s estimated net proved reserves totaled 54.8 billion cubic feet of natural gas equivalent (Bcfe) and included six million barrels of oil (MMBbls) and 18.7 billion cubic feet of natural gas (Bcf). Oil constitutes approximately 66% on an equivalent basis of its total estimated proved reserves and approximately 76% of its total estimated proved reserves are proved developed reserves. On April 8, 2008, the Company sold a 50% working interest in the Entrada field to CIECO Energy (US) Limited (CIECO).

Canaccord Genuity’s global team of over 100 research professionals are inquisitive, experienced and committed to generating actionable investment ideas. We analyze over 725 companies in a broad range of market sectors, identifying value and defining risk for our clients.
Stock Market Advice
Date/Time (ET)SymbolRatingTermPrice (*)Target
12/4/2012 9:25 AM Hold
None
4.70 5.50
as of 12/31/2012
1 Week   
1 Month up  0.21 %
3 Months down  -23.57 %
1 YTD down  -5.43 %
Previous Recommendations
Date/Time (ET)SymbolRatingTermPrice (*)Target
3/19/2012 8:25 AM Buy
None
7.07 10.00
12/14/2011 9:25 AM Buy
None
4.62 7.50

(*) Stock Price at the time of the recommendation.
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