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. The firm currently has a $27.00 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 14.02% 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 have also recently issued reports on CRZO. Piper Jaffray Companies restated a “hold” rating and issued a $37.00 price objective on shares of Carrizo Oil & Gas in a research note on Tuesday. SunTrust Banks restated a “buy” rating and issued a $26.00 price objective on shares of Carrizo Oil & Gas in a research note on Wednesday, January 3rd. BidaskClub upgraded Carrizo Oil & Gas from a “hold” rating to a “buy” rating in a research note on Wednesday, December 27th. Citigroup assumed coverage on Carrizo Oil & Gas in a research note on Thursday, December 28th. They issued a “hold” rating and a $26.00 price objective for the company. Finally, Jefferies Group set a $21.00 price target on Carrizo Oil & Gas and gave the company a “hold” rating in a research report on Wednesday, December 20th. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $29.33.
Carrizo Oil & Gas (NASDAQ:CRZO) last announced its quarterly earnings data on Tuesday, November 7th. The oil and gas producer reported $0.33 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $181.28 million during the quarter, compared to analysts’ expectations of $177.97 million. During the same period last year, the business posted $0.23 earnings per share. The company’s revenue for the quarter was up 63.1% compared to the same quarter last year. research analysts expect that Carrizo Oil & Gas will post 1.4 EPS for the current fiscal year.
In other Carrizo Oil & Gas news, CEO S P. Iv Johnson sold 8,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 223,194 shares of the company’s stock, valued at $4,144,712.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.00% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp grew its holdings in Carrizo Oil & Gas by 15.0% in the second quarter. Van ECK Associates Corp now owns 9,028 shares of the oil and gas producer’s stock valued at $157,000 after purchasing an additional 1,177 shares during the period. ETRADE Capital Management LLC boosted its stake in shares of Carrizo Oil & Gas by 7.4% in the second quarter. ETRADE Capital Management LLC now owns 19,253 shares of the oil and gas producer’s stock worth $335,000 after acquiring an additional 1,332 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Carrizo Oil & Gas by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 49,233 shares of the oil and gas producer’s stock worth $858,000 after acquiring an additional 1,432 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Carrizo Oil & Gas by 47.4% in the second quarter. Advisor Group Inc. now owns 8,121 shares of the oil and gas producer’s stock worth $141,000 after acquiring an additional 2,611 shares during the last quarter. Finally, Teachers Advisors LLC boosted its stake in shares of Carrizo Oil & Gas by 3.2% in the second quarter. Teachers Advisors LLC now owns 110,809 shares of the oil and gas producer’s stock worth $1,930,000 after acquiring an additional 3,423 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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