Citi analyst Paul Diamond lowered the firm’s price target on Callon Petroleum to $40 from $43 and keeps a Neutral rating on the shares. The analyst continues to see the ongoing oversupply across the natural gas markets as a core narrative coming into earnings season. The firm expects further reductions across both natural gas rigs and frac fleets in the Haynesville, saying throttling and shut-ins are likely to be needed across all basins by the summer.
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Published first on TheFly
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