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

|About: Callon Petroleum Co. (CPE)|By:, SA News Editor

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.