Jefferies Raises PT on Callon Petroleum to $7.30 (CPE)

Jefferies is out with its report today on Callon Petroleum (NYSE: CPE), raising its PT from $4 to $7.30.

In a note to clients, Jefferies writes, "Our $7.30 NAV is based on YE'12 reserves of 117 bcfe and assumes a 21% reserve growth in '11 and 19% in '12. 1P reserves are worth ~$5/share on our long-term price deck of $85/oil and $5/gas. 72 bcfe of remaining probables in the Haynesville and Permian as of ye '12 add another ~$2.30 per share. Risks include commodity price volatility and geologic irregularities."

At the time of posting, shares of CPE were trading at $9.17, up 2.57% from Wednesday's close.