Callon Petroleum started at Buy at Maxim

Callon Petroleum (CPE +0.7%) is initiated with a Buy recommendation at Maxim Group, as CPE continues to acquire leases on orphan acreage at attractive prices, improve completion techniques and basin knowledge to increase EURs, and de-risk and add locations to its existing acreage (

The firm's $14 target price is obtained by adding CPE's PV10 proved developed reserves to a risk-adjusted present value of its identified drilling locations in the southern and central Midland Basins.

Shares are just ~$0.10 off 52-week highs reached Monday.

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