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CPE

Callon Petroleum

$3.94

0.14 (3.68%)

, CRZO

Carrizo Oil & Gas

$7.34

-0.04 (-0.54%)

09:06
11/04/19
11/04
09:06
11/04/19
09:06

Callon urges stockholders to vote for acquisition of Carrizo

Callon Petroleum (CPE) issued a statement in response to a report by Institutional Shareholder Services, or ISS, regarding Callon's all-stock acquisition of Carrizo Oil & Gas (CRZO). Statement included: Callon strongly disagrees with ISS's recommendation and believes the following points are essential to understanding the merits of the transaction: Callon's stated strategy remains unchanged: As we have articulated in numerous quarterly investor calls, and on slide 20 of our recently filed investor presentation, Callon has been pursuing four strategic financial objectives: increase cash return on invested capital, generate free cash flow, reduce leverage and maintain a long-term focus. This transaction clearly advances each point of Callon's strategy. Scale is critical in an evolving industry landscape: As the shale industry turns from acreage acquisition to manufacturing mode, the efficiencies gained from large pad development and simultaneous operations are increasingly important for achieving a competitive cost structure.

CPE

Callon Petroleum

$3.94

0.14 (3.68%)

CRZO

Carrizo Oil & Gas

$7.34

-0.04 (-0.54%)

  • 05

    Nov

  • 14

    Nov

  • 14

    Nov

CPE Callon Petroleum
$3.94

0.14 (3.68%)

07/15/19
JEFF
07/15/19
DOWNGRADE
Target $7
JEFF
Hold
Callon Petroleum downgraded to Hold on cash flow challenges at Jefferies
Jefferies analyst Mark Lear downgraded Callon Petroleum to Hold from Buy and lowered his price target for the shares to $7 from $11. The analyst believes the company will be challenged to deliver free cash flow. His favorite ways to play the Midland are Diamondback Energy (FANG), Parsley Energy (PE), and Concho Resources (CXO).
07/16/19
IMPC
07/16/19
NO CHANGE
Target $11
IMPC
Outperform
Callon Petroleum price target lowered to $11 from $16 at Imperial Capital
Imperial Capital analyst Irene Haas lowered her price target for Callon Petroleum (CPE) to $11 from $16 to reflect her firm's reduced price deck for 2019. The analyst, however, supports the larger combined entity created by the company's acquisition of Carrizo Oil & Gas (CRZO). She sees more scope, scale, and geographic diversity from the new company and keeps an Outperform rating on Callon.
07/16/19
MKMP
07/16/19
DOWNGRADE
Target $11
MKMP
Neutral
Carrizo Oil & Gas downgraded to Neutral from Buy at MKM Partners
MKM Partners analyst John Gerdes downgraded Carrizo Oil & Gas (CRZO) to Neutral and lowered his price target to $11 from $19 after its announced acquisition by Callon Petroleum (CPE) in an all-stock deal. The analyst notes that the shares now trade with less than 10% equity value upside and warrant a neutral stance. Gerdes also calls the deal "sensible" given the companies' complementary Delaware Basin assets and greater operational efficiencies.
08/12/19
KEYB
08/12/19
DOWNGRADE
KEYB
Sector Weight
Carrizo Oil & Gas downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst Leo Mariani downgraded Carrizo Oil & Gas (CRZO) to Sector Weight from Overweight without a price target. The analyst does not see another buyer emerging after Callon Petroleum (CPE) agreed to acquire Carrizo for a 25% premium.
CRZO Carrizo Oil & Gas
$7.34

-0.04 (-0.54%)

07/23/19
SPHN
07/23/19
UPGRADE
Target $24
SPHN
Overweight
Matador upgraded to Overweight from Equal Weight at Stephens
Stephens analyst Gail Nicholson assumed coverage of Continental Resources (CLR), Carrizo Oil & Gas (CRZO), Lilis Energy (LLEX), Pioneer Natural (PXD) and Matador (MTDR) and updated her estimates and target prices to reflect actual Q2 pricing, a lower commodity outlook, and adjustments to her capex, production, and realized pricing assumptions. In doing so, Nicholson upgraded Matador to Overweight, stating that the stock offers exposure to the Delaware Basin with a "compelling rate of change story" and a line of sight to free cash flow in 2021 forward. Nicholson reiterated the firm's Overweight ratings on Continental and Pioneer and Equal Weight ratings on Carrizo and Lilis. Despite a lower commodity outlook, Nicholson still remains positive, though slightly less bullish than previously, on the Exploration & Production sector, she tells investors. The analyst has a $24 price target on Matador shares, a $52 target on Continental, a $170 target on Pioneer, a $10 target on Carrizo and a $1 target on Lilis.
07/29/19
JRCO
07/29/19
DOWNGRADE
JRCO
Hold
Carrizo Oil & Gas downgraded to Hold from Buy at Johnson Rice
08/19/19
WILL
08/19/19
DOWNGRADE
WILL
Hold
Carrizo Oil & Gas downgraded to Hold from Buy at Williams Capital

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GCAP

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PBTS

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$3.05

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MTN

Vail Resorts

$231.30

-1.43 (-0.61%)

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BBW

Build-A-Bear

$2.90

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EMN

Eastman Chemical

$77.40

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NWE

NorthWestern

$71.27

-0.57 (-0.79%)

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SFIX

Stitch Fix

$25.17

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UGP

Ultrapar

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BP

BP

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AVD

American Vanguard

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DERM

Dermira

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THMO

ThermoGenesis

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CMCSA

Comcast

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, CMCSK

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ANSS

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