Carrizo Oil & Gas Inc. (CRZO) Lifted to “Buy” at Zacks Investment Research
Carrizo Oil & Gas Inc. (NASDAQ:CRZO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $48.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 13.02% from the stock’s current price.
According to Zacks, “Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation and production of oil and natural gas primarily in proven trends in the Barnett Shale area in North Texas and along the Texas and Louisiana onshore Gulf Coast regions. Carrizo controls significant prospective acreage blocks and utilizes advanced three-D seismic techniques to identify potential oil and gas reserves and drilling opportunities. “
Several other brokerages also recently issued reports on CRZO. Mizuho started coverage on Carrizo Oil & Gas in a research report on Wednesday, October 5th. They set a “neutral” rating and a $42.00 price objective for the company. Simmons reiterated a “neutral” rating and set a $46.00 price objective (up from $42.00) on shares of Carrizo Oil & Gas in a research report on Monday, August 15th. FBR & Co boosted their price objective on Carrizo Oil & Gas from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 6th. Stifel Nicolaus started coverage on Carrizo Oil & Gas in a research report on Thursday, June 16th. They set a “buy” rating and a $48.00 price objective for the company. Finally, Imperial Capital boosted their price objective on Carrizo Oil & Gas from $39.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 17th. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Carrizo Oil & Gas presently has an average rating of “Buy” and a consensus price target of $40.09.
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Carrizo Oil & Gas (NASDAQ:CRZO) traded down 0.91% during trading on Tuesday, reaching $42.47. The company’s stock had a trading volume of 1,521,181 shares. The firm’s market capitalization is $2.50 billion. The firm has a 50-day moving average price of $37.61 and a 200-day moving average price of $35.89. Carrizo Oil & Gas has a 52 week low of $16.10 and a 52 week high of $43.56.
Carrizo Oil & Gas (NASDAQ:CRZO) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.16. The business earned $107.30 million during the quarter, compared to the consensus estimate of $119.67 million. Carrizo Oil & Gas had a positive return on equity of 19.03% and a negative net margin of 421.40%. The business’s revenue was down 13.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 earnings per share. On average, equities analysts anticipate that Carrizo Oil & Gas will post $1.06 EPS for the current fiscal year.
In related news, insider S P. Iv Johnson sold 6,000 shares of the company’s stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $41.56, for a total value of $249,360.00. Following the completion of the sale, the insider now directly owns 595,717 shares in the company, valued at $24,757,998.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO John Bradley Fisher sold 27,831 shares of the company’s stock in a transaction on Monday, September 26th. The stock was sold at an average price of $35.05, for a total transaction of $975,476.55. Following the completion of the sale, the chief operating officer now owns 179,403 shares of the company’s stock, valued at $6,288,075.15. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the company. Financial Architects Inc boosted its stake in shares of Carrizo Oil & Gas by 4,458.8% in the second quarter. Financial Architects Inc now owns 3,100 shares of the company’s stock worth $111,000 after buying an additional 3,032 shares in the last quarter. Huntington Asset Advisors Inc. acquired a new stake in shares of Carrizo Oil & Gas during the first quarter worth about $117,000. Blair William & Co. IL acquired a new stake in shares of Carrizo Oil & Gas during the second quarter worth about $209,000. Panagora Asset Management Inc. boosted its stake in shares of Carrizo Oil & Gas by 77.2% in the second quarter. Panagora Asset Management Inc. now owns 6,127 shares of the company’s stock worth $220,000 after buying an additional 2,670 shares in the last quarter. Finally, Amalgamated Bank acquired a new stake in shares of Carrizo Oil & Gas during the second quarter worth about $233,000.
About Carrizo Oil & Gas
Carrizo Oil & Gas, Inc is an energy company. The Company is engaged in the exploration, development and production of oil and gas from resource plays located in the United States. Its operations are focused in proven, producing oil and gas plays in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Utica Shale in Ohio, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania.
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