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Fly News Breaks for November 12, 2018
CPE
Nov 12, 2018 | 08:34 EDT
As previously reported, Credit Suisse analyst Betty Jiang upgraded Callon Petroleum to Outperform from Neutral, with a $14 price target, on improved execution and discount valuation. The analyst believes Callon Petroleum should be able to close the discount given greater scale following the XEC Ward County acquisition, and improving execution which he thinks can continue into 2019. Jiang sees better 2019 visibility given easing of takeaway constraints and is also less concerned around 2019 capital efficiency following higher than expected 2H18 production, and multiple sources of cost savings that could offset inflationary pressure.
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