Carrizo Oil & Gas, Inc. (CRZO) Upgraded by Zacks Investment Research to “Hold”

Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday, July 24th.

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 equities analysts have also recently issued reports on the stock. Jefferies Group LLC set a $36.00 price objective on shares of Carrizo Oil & Gas and gave the stock a “buy” rating in a research report on Wednesday, May 17th. Mizuho reissued a “buy” rating and set a $32.00 price objective on shares of Carrizo Oil & Gas in a research report on Friday, June 30th. Williams Capital reissued a “buy” rating and set a $42.00 price objective on shares of Carrizo Oil & Gas in a research report on Tuesday, May 9th. J P Morgan Chase & Co lowered shares of Carrizo Oil & Gas from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $30.00 to $21.00 in a report on Thursday, July 20th. Finally, Seaport Global Securities lowered shares of Carrizo Oil & Gas from a “buy” rating to a “sell” rating in a report on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $40.00.

Carrizo Oil & Gas (CRZO) opened at 13.72 on Monday. The firm’s market cap is $1.12 billion. Carrizo Oil & Gas has a 52-week low of $12.73 and a 52-week high of $43.96. The company’s 50-day moving average price is $15.27 and its 200-day moving average price is $23.69.

Carrizo Oil & Gas (NASDAQ:CRZO) last released its quarterly earnings data on Tuesday, August 8th. The oil and gas producer reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.05. The company had revenue of $166.50 million for the quarter, compared to analysts’ expectations of $163.22 million. Carrizo Oil & Gas had a negative net margin of 0.98% and a positive return on equity of 1,494.45%. The business’s revenue was up 55.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. Analysts predict that Carrizo Oil & Gas will post $1.03 EPS for the current year.

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In other news, Director Steven A. Webster purchased 29,700 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was purchased at an average cost of $13.36 per share, with a total value of $396,792.00. Following the acquisition, the director now directly owns 2,724,410 shares in the company, valued at $36,398,117.60. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven A. Webster purchased 75,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was purchased at an average cost of $13.89 per share, with a total value of $1,041,750.00. Following the completion of the acquisition, the director now owns 2,724,410 shares in the company, valued at $37,842,054.90. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 256,600 shares of company stock valued at $3,498,306. 6.00% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Glen Harbor Capital Management LLC increased its position in shares of Carrizo Oil & Gas by 33.7% in the first quarter. Glen Harbor Capital Management LLC now owns 3,892 shares of the oil and gas producer’s stock valued at $112,000 after buying an additional 980 shares during the last quarter. Guinness Asset Management Ltd increased its position in shares of Carrizo Oil & Gas by 17.5% in the first quarter. Guinness Asset Management Ltd now owns 246,195 shares of the oil and gas producer’s stock valued at $7,056,000 after buying an additional 36,700 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Carrizo Oil & Gas by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 6,760 shares of the oil and gas producer’s stock valued at $193,000 after buying an additional 120 shares during the last quarter. Perkins Capital Management Inc. increased its position in shares of Carrizo Oil & Gas by 5.0% in the first quarter. Perkins Capital Management Inc. now owns 20,950 shares of the oil and gas producer’s stock valued at $600,000 after buying an additional 1,000 shares during the last quarter. Finally, Palisade Capital Management LLC NJ increased its position in shares of Carrizo Oil & Gas by 5.7% in the first quarter. Palisade Capital Management LLC NJ now owns 252,951 shares of the oil and gas producer’s stock valued at $7,250,000 after buying an additional 13,660 shares during the last quarter. 91.93% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Carrizo Oil & Gas (NASDAQ:CRZO)

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