JP Morgan Maintains Underweight Rating for Callon Petroleum: Here's What You Need To Know

JP Morgan has decided to maintain its Underweight rating of Callon Petroleum CPE and lower its price target from $59.00 to $56.00.

Shares of Callon Petroleum are trading up 1.61% over the last 24 hours, at $46.64 per share.

A move to $56.00 would account for a 20.07% increase from the current share price.

About Callon Petroleum

Callon Petroleum Company engages in the exploration, development, acquisition, and production of oil and natural gas. Activities are primarily conducted in the Permian Basin region of West Texas and southeastern New Mexico. Callon relies heavily on the latest horizontal production techniques to extract hydrocarbon products from its assets, with crude oil accounting for over half of production. Historically, a handful of marketing and trading companies have accounted for the majority of the sales for Callon's oil and gas production. Assets are acquired through the drilling of emerging zones on existing acreage but also by acquiring additional locations through leasehold purchases, leasing programs, joint ventures, and asset swaps.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.