Callon Petroleum (CPE) Update - Jan 14

[dan_s]

Note received from John White at Roth Capital on Jan 14:

"We have updated our 4Q 2018 estimates using actual 4Q 2018 oil and gas prices. Our estimates move slightly lower from EPS/CFPS/EBITDA $0.27/$0.52/$122.5 million to $0.25/$0.50/$116.7 million. To better reflect the current commodity price environment, we have lowered our 2019 WTI crude oil price estimate from $62.50/bbl to $51.75/bbl and our 2020 estimate moves from $65.00/bbl to $55.00/bbl. Our 2019 Henry Hub natural gas price forecast moves from $3.00/MMBtu to $2.80/MMBtu. Our 2020 Henry Hub estimate is unchanged at $2.70/MMBtu.

Due to our lower oil and gas price deck, our price target moves lower, from $16.50 to $13.50. < CPE is trading at $8.39 as I post this.

John's Q4 estimates compare to my forecasts of $0.22 EPS and $0.51 CFPS.