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CRZO - Callon Petroleum: Great Assets Tone-Deaf Management
Carrizo Oil & Gas Inc.
This morning, July 15th, 2019, Callon Petroleum (CPE) announced the acquisition of Carrizo Oil and Gas (CRZO). As I write this note, CPE's stock price is $5.40, down 15.6% and near its 52 week low of $5.31. The shares are not much higher than the 5 year low of $4.09 in December 2014, and far below the 5 year high of $18.53 in December 2016.
While I understand the logic of gaining scale, the better strategy is for CPE to run the company independently, not making acquisitions, but simply developing its