Mizuho lowered the firm’s price target on Callon Petroleum to $54 from $65 and keeps a Buy rating on the shares. The analyst reduced net asset values by 5% for the firm’s U.S. oil and gas coverage. This largely reflects lower capital efficiencies for 2023 that are then carried forward over the longer term, the analyst tells investors in a research note. The firm’s top picks in the sector remain Diamondback Energy (FANG), Exxon Mobil (XOM) and Coterra Energy (CTRA). It also removed Pioneer Natural Resources (PXD) from "strong buy" and added PDC Energy (PDCE) to the list, alongside ConocoPhillips (COP), Valero Energy (VLO), Devon Energy (DVN) and Chesapeake Energy (CHK).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on CPE:
- Callon Issues 2023 Capital Program and Outlook, Projected to Generate More Than $2.75 Billion in Adjusted Free Cash Flow Over The Next Five Years
- Callon Petroleum expects 2023 planned capital expenditures of $1B
- Callon Petroleum Company Announces Fourth Quarter and Full Year 2022 Results
- Callon Petroleum reports Q4 adjusted EPS $3.36, consensus $3.40
- Callon Petroleum options imply 7.6% move in share price post-earnings