Global Hunter said it has initiated coverage on Callon Petroleum (NYSE:CPE), starting them off with a "Buy" rating, citing their move away from exposure to the Gulf of Mexico.
"Callon Petroleum Company refocused its exploration and production efforts onshore in the Permian Basin and North Louisiana, away from its historical focus in the Gulf of Mexico," said Global.
Callon closed Thursday at $3.81, gaining $0.06, or 1.60 percent.
Global has a price target of $7.30 on the oil company.
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