Carrizo Oil & Gas (NASDAQ:CRZO) Lifted to “Buy” at Zacks Investment Research

Carrizo Oil & Gas (NASDAQ:CRZO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, December 19th. The firm currently has a $22.00 target price on the oil and gas producer’s stock. Zacks Investment Research‘s price target points to a potential downside of 10.46% from the company’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. “

A number of other analysts have also commented on CRZO. KeyCorp reissued a “buy” rating on shares of Carrizo Oil & Gas in a report on Friday, October 20th. Williams Capital reissued a “buy” rating and issued a $26.00 target price on shares of Carrizo Oil & Gas in a report on Monday, October 9th. SunTrust Banks set a $20.00 price objective on Carrizo Oil & Gas and gave the stock a “buy” rating in a report on Monday, October 16th. BMO Capital Markets set a $20.00 price objective on Carrizo Oil & Gas and gave the stock a “buy” rating in a report on Tuesday, October 10th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Carrizo Oil & Gas in a report on Friday, September 15th. Eight analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Carrizo Oil & Gas presently has a consensus rating of “Buy” and a consensus target price of $29.50.

Carrizo Oil & Gas (CRZO) traded up $0.89 on Tuesday, hitting $24.57. The stock had a trading volume of 4,110,000 shares, compared to its average volume of 2,690,000. The stock has a market cap of $2,000.00, a PE ratio of 15.85 and a beta of 2.18. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 4.38. Carrizo Oil & Gas has a 52 week low of $11.10 and a 52 week high of $37.47.

Carrizo Oil & Gas (NASDAQ:CRZO) last posted its quarterly earnings data on Tuesday, November 7th. The oil and gas producer reported $0.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.09. Carrizo Oil & Gas had a return on equity of 58.37% and a net margin of 16.08%. The company had revenue of $181.28 million during the quarter, compared to analyst estimates of $177.97 million. During the same quarter last year, the company earned $0.23 EPS. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis. sell-side analysts predict that Carrizo Oil & Gas will post 1.4 EPS for the current fiscal year.

In related news, CEO S P. Iv Johnson sold 8,000 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $18.57, for a total value of $148,560.00. Following the sale, the chief executive officer now directly owns 223,194 shares in the company, valued at $4,144,712.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.00% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CRZO. NWQ Investment Management Company LLC increased its stake in Carrizo Oil & Gas by 122.6% during the third quarter. NWQ Investment Management Company LLC now owns 7,261,441 shares of the oil and gas producer’s stock worth $124,388,000 after acquiring an additional 3,999,717 shares during the last quarter. Kimmeridge Energy Management Company LLC increased its stake in Carrizo Oil & Gas by 1,102.0% during the fourth 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 last quarter. Frontier Capital Management Co. LLC increased its stake in Carrizo Oil & Gas by 27.6% during the third quarter. Frontier Capital Management Co. LLC now owns 6,256,691 shares of the oil and gas producer’s stock worth $107,177,000 after acquiring an additional 1,351,602 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in Carrizo Oil & Gas by 89.5% during the second quarter. Lord Abbett & CO. LLC now owns 2,659,107 shares of the oil and gas producer’s stock worth $46,322,000 after acquiring an additional 1,256,160 shares during the last quarter. Finally, BlackRock Inc. increased its stake in Carrizo Oil & Gas by 11.4% during the second quarter. BlackRock Inc. now owns 9,534,149 shares of the oil and gas producer’s stock worth $166,088,000 after acquiring an additional 978,942 shares during the last quarter. 99.96% of the stock is currently owned by institutional investors.

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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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