Seeking Alpha

Callon Petroleum (CPE -5.8%) is downgraded to Accumulate from Buy with a $6 price target (down...

Callon Petroleum (CPE -5.8%) is downgraded to Accumulate from Buy with a $6 price target (down from $8) at Global Hunter, citing CPE's need to address its liquidity situation. After Q3's hurricane downtime, CPE is left with just $36M on the revolver and an expected $19M outspend in Q4. The market despises uncertainty, and the firm thinks this will hurt CPE's short-term performance.
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