Carrizo Oil & Gas (NASDAQ:CRZO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, January 10th. The firm presently has a $27.00 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 17.29% 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 have also recently issued reports on CRZO. BMO Capital Markets set a $20.00 price objective on Carrizo Oil & Gas and gave the stock a “buy” rating in a research note on Tuesday, October 10th. Piper Jaffray Companies reduced their price objective on Carrizo Oil & Gas from $43.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday, September 18th. SunTrust Banks reaffirmed a “buy” rating and issued a $26.00 target price on shares of Carrizo Oil & Gas in a research report on Wednesday, January 3rd. Jefferies Group lowered Carrizo Oil & Gas from a “buy” rating to a “hold” rating and dropped their target price for the stock from $25.00 to $16.00 in a research report on Monday, October 9th. Finally, Mizuho set a $21.00 price target on Carrizo Oil & Gas and gave the company a “hold” rating in a report on Friday, November 24th. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $29.83.
Carrizo Oil & Gas (NASDAQ:CRZO) last released its earnings results on Tuesday, November 7th. The oil and gas producer reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.09. The company had revenue of $181.28 million during the quarter, compared to analysts’ expectations of $177.97 million. Carrizo Oil & Gas had a return on equity of 58.37% and a net margin of 16.08%. The business’s revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 EPS. equities analysts anticipate that Carrizo Oil & Gas will post 1.41 EPS for the current fiscal year.
In related news, CEO S P. Iv Johnson sold 8,000 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $18.57, for a total value of $148,560.00. Following the completion of the transaction, the chief executive officer now owns 223,194 shares in the company, valued at approximately $4,144,712.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Penn Capital Management Co. Inc. acquired a new stake in Carrizo Oil & Gas during the 2nd quarter worth about $392,000. California Public Employees Retirement System boosted its position in Carrizo Oil & Gas by 2.2% during the 2nd quarter. California Public Employees Retirement System now owns 181,100 shares of the oil and gas producer’s stock worth $3,155,000 after acquiring an additional 3,900 shares during the period. Prudential Financial Inc. boosted its position in Carrizo Oil & Gas by 488.5% during the 3rd quarter. Prudential Financial Inc. now owns 1,145,250 shares of the oil and gas producer’s stock worth $19,619,000 after acquiring an additional 950,660 shares during the period. Kimmeridge Energy Management Company LLC boosted its position in Carrizo Oil & Gas by 1,102.0% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 3,990,500 shares of the oil and gas producer’s stock worth $84,918,000 after acquiring an additional 3,658,500 shares during the period. Finally, Stifel Financial Corp acquired a new stake in Carrizo Oil & Gas during the 2nd quarter worth about $2,645,000.
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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