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Callon Petroleum Company (CPE) [hlAlert]

Rating:
Underperform
CPE
down 82.60 %

Callon Petroleum Company (CPE) downgraded to Underperform by Morgan Keegan

Posted on: Monday,  Dec 1, 2008  8:25 AM ET by Morgan Keegan

Morgan Keegan rated Underperform Callon Petroleum Company (NYSE: CPE) on 12/01/2008. Previously Morgan Keegan rated Buy Callon Petroleum Company (NYSE: CPE) on
10/10/2007., when the stock price was $13.80. Since then, Callon Petroleum Company has lost 82.61% as of 12/01/2008's recent price of $2.40.
If you would have followed the previous Morgan Keegan's recommendation on CPE, you would have lost 82.6% of your investment in 418 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).

Since Morgan Keegan's founding 38 years ago, quality investment research has been a hallmark of the firm. Over the years, we have built our reputation by focusing on companies that have gone unnoticed by Wall Street. Today, our staff of senior equity analysts tracks more than 250 companies concentrated in ten industry sectors
Stock Market Advice
Date/Time (ET)SymbolRatingTermPrice (*)Target
12/1/2008 8:25 AM Sell
None
2.40
as of 12/24/2008
1 Week up  4.14 %
1 Month up  149.32 %
3 Months up  30.53 %
1 YTD down  -63.68 %
Previous Recommendations
Date/Time (ET)SymbolRatingTermPrice (*)Target
10/10/2007 9:25 AM Buy
None
13.80

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