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 research report issued to clients and investors on Tuesday. The firm presently has a $48.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 13.02% from the company’s previous close.
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 equities research analysts also recently commented on CRZO. Stifel Nicolaus started coverage on shares of Carrizo Oil & Gas in a research note on Thursday, June 16th. They issued a “buy” rating and a $48.00 target price on the stock. FBR & Co restated an “outperform” rating and issued a $49.00 target price (up previously from $46.00) on shares of Carrizo Oil & Gas in a research note on Wednesday, July 6th. Cantor Fitzgerald restated a “buy” rating on shares of Carrizo Oil & Gas in a research note on Sunday, July 10th. KLR Group upgraded shares of Carrizo Oil & Gas from an “accumulate” rating to a “buy” rating and boosted their target price for the company from $41.00 to $49.00 in a research note on Monday, July 18th. Finally, Canaccord Genuity restated a “buy” rating and issued a $44.00 target price on shares of Carrizo Oil & Gas in a research note on Friday, August 5th. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $40.09.
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Shares of Carrizo Oil & Gas (NASDAQ:CRZO) traded down 0.91% during trading on Tuesday, hitting $42.47. 1,521,181 shares of the stock traded hands. Carrizo Oil & Gas has a 1-year low of $16.10 and a 1-year high of $43.56. The company’s market cap is $2.50 billion. The company has a 50 day moving average of $37.61 and a 200-day moving average of $35.89.
Carrizo Oil & Gas (NASDAQ:CRZO) last issued its earnings results on Thursday, August 4th. The company reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.16. Carrizo Oil & Gas had a negative net margin of 421.40% and a positive return on equity of 19.03%. The company had revenue of $107.30 million for the quarter, compared to the consensus estimate of $119.67 million. During the same quarter in the previous year, the company earned $0.39 EPS. The firm’s revenue for the quarter was down 13.1% compared to the same quarter last year. On average, equities analysts anticipate that Carrizo Oil & Gas will post $1.06 EPS for the current fiscal year.
In other Carrizo Oil & Gas news, Director Roger A. Ramsey sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $41.35, for a total transaction of $41,350.00. Following the completion of the transaction, the director now owns 32,450 shares of the company’s stock, valued at approximately $1,341,807.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider S P. Iv Johnson sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $41.56, for a total value of $249,360.00. Following the transaction, the insider now directly owns 595,717 shares of the company’s stock, valued at approximately $24,757,998.52. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA increased its position in Carrizo Oil & Gas by 111.6% in the second quarter. BNP Paribas Arbitrage SA now owns 17,158 shares of the company’s stock worth $615,000 after buying an additional 9,051 shares during the period. Bank of Montreal Can purchased a new position in Carrizo Oil & Gas during the second quarter worth $14,514,000. Jacobs Levy Equity Management Inc. purchased a new position in Carrizo Oil & Gas during the first quarter worth $3,069,000. PineBridge Investments L.P. increased its position in Carrizo Oil & Gas by 4.6% in the second quarter. PineBridge Investments L.P. now owns 6,932 shares of the company’s stock worth $248,000 after buying an additional 303 shares during the period. Finally, Credit Agricole S A increased its position in Carrizo Oil & Gas by 633.3% in the first quarter. Credit Agricole S A now owns 66,000 shares of the company’s stock worth $2,041,000 after buying an additional 57,000 shares during the period.
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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