Callon Receives a Buy from BMO Capital

By Austin Angelo

BMO Capital analyst Phillip Jungwirth reiterated a Buy rating on Callon (NYSE: CPE) on March 7 and set a price target of $17. The company’s shares closed last Friday at $11.53.

According to TipRanks.com, Jungwirth is a 5-star analyst with an average return of 12.4% and a 60.8% success rate. Jungwirth covers the Basic Materials sector, focusing on stocks such as Sanchez Energy Corporation, Rice Midstream Partners, and Whiting Petroleum Corp.

Currently, the analyst consensus on Callon is Strong Buy and the average price target is $19.25, representing a 67.0% upside.

In a report issued on March 9, Citigroup also upgraded the stock to Buy with a $17 price target.

Based on Callon’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $69.08 million and GAAP net loss of $1.75 million. In comparison, last year the company earned revenue of $33.56 million and had a GAAP net loss of $113 million.

Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is neutral on the stock. Most recently, in January 2016, Joseph Gatto, the SVP of CPE sold 135,546 shares for a total of $1,130,454.

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Callon Petroleum Co. engages in the exploration, development, acquisition, and production of oil and natural gas properties. Its operates oil and gas properties in the Permian Basin in West Texas. The company was founded by Sim C. Callon and John S. Callon in 1950 and is headquartered in Natchez, MS.