Carrizo Oil & Gas Inc. (NASDAQ:CRZO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $48.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 15.94% from the stock’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. “
CRZO has been the subject of a number of other research reports. Cantor Fitzgerald reiterated a “buy” rating on shares of Carrizo Oil & Gas in a research report on Sunday, July 10th. KLR Group upgraded shares of Carrizo Oil & Gas from an “accumulate” rating to a “buy” rating and raised their price objective for the company from $41.00 to $49.00 in a research report on Monday, July 18th. FBR & Co raised their price objective on shares of Carrizo Oil & Gas from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, September 6th. Simmons restated a “neutral” rating and issued a $46.00 price objective (up previously from $42.00) on shares of Carrizo Oil & Gas in a research report on Monday, August 15th. Finally, Canaccord Genuity restated a “buy” rating and issued a $44.00 price objective on shares of Carrizo Oil & Gas in a research report 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. Carrizo Oil & Gas has a consensus rating of “Buy” and an average price target of $40.09.
Shares of Carrizo Oil & Gas (NASDAQ:CRZO) opened at 41.40 on Tuesday. Carrizo Oil & Gas has a 12-month low of $16.10 and a 12-month high of $43.56. The stock’s 50 day moving average is $37.95 and its 200-day moving average is $35.97. The firm’s market cap is $2.44 billion.
Carrizo Oil & Gas (NASDAQ:CRZO) last announced its earnings results on Thursday, August 4th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.16. The business earned $107.30 million during the quarter, compared to analysts’ expectations of $119.67 million. Carrizo Oil & Gas had a negative net margin of 421.40% and a positive return on equity of 19.03%. The firm’s revenue for the quarter was down 13.1% on a year-over-year basis. During the same quarter last year, the company posted $0.39 EPS. On average, analysts anticipate that Carrizo Oil & Gas will post $1.06 EPS for the current fiscal year.
In other news, insider S P. Iv Johnson sold 6,000 shares of Carrizo Oil & Gas stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $39.68, for a total value of $238,080.00. Following the sale, the insider now directly owns 601,717 shares in the company, valued at $23,876,130.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roger A. Ramsey sold 1,000 shares of Carrizo Oil & Gas stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $39.86, for a total transaction of $39,860.00. Following the completion of the sale, the director now owns 33,450 shares in the company, valued at $1,333,317. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Financial Architects Inc increased its stake in 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 during the period. Huntington Asset Advisors Inc. acquired a new stake in Carrizo Oil & Gas during the first quarter worth about $117,000. Blair William & Co. IL acquired a new stake in Carrizo Oil & Gas during the second quarter worth about $209,000. Panagora Asset Management Inc. increased its stake in 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 during the period. Finally, Amalgamated Bank acquired a new stake in Carrizo Oil & Gas during the second quarter worth about $233,000.
Carrizo Oil & Gas Company Profile
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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