Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) Rating Increased to Hold at Zacks Investment Research

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 Friday.

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 topic of several other research reports. J P Morgan Chase & Co cut shares of Carrizo Oil & Gas from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $30.00 to $21.00 in a research report on Thursday, July 20th. BMO Capital Markets set a $20.00 price target on shares of Carrizo Oil & Gas and gave the company a “buy” rating in a research report on Monday, June 26th. BidaskClub raised shares of Carrizo Oil & Gas from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Royal Bank Of Canada set a $40.00 price target on shares of Carrizo Oil & Gas and gave the company a “buy” rating in a research report on Thursday, May 11th. Finally, Mizuho reissued a “buy” rating and set a $32.00 price target on shares of Carrizo Oil & Gas in a research report on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Carrizo Oil & Gas presently has an average rating of “Buy” and a consensus price target of $40.33.

Shares of Carrizo Oil & Gas (NASDAQ:CRZO) opened at 13.86 on Friday. The stock has a 50 day moving average of $15.65 and a 200 day moving average of $24.51. Carrizo Oil & Gas has a 52 week low of $12.73 and a 52 week high of $43.96. The stock’s market cap is $912.47 million.

Carrizo Oil & Gas (NASDAQ:CRZO) last announced its quarterly earnings results on Tuesday, August 8th. The oil and gas producer reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.05. The firm 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 company’s revenue was up 55.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 EPS. On average, analysts expect that Carrizo Oil & Gas will post $0.96 earnings per share for the current year.

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In other Carrizo Oil & Gas news, Director Frank A. Wojtek sold 2,800 shares of the business’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $24.24, for a total transaction of $67,872.00. Following the sale, the director now directly owns 30,008 shares in the company, valued at $727,393.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of CRZO. Geode Capital Management LLC raised its stake in shares of Carrizo Oil & Gas by 3.6% in the first quarter. Geode Capital Management LLC now owns 482,698 shares of the oil and gas producer’s stock worth $13,834,000 after buying an additional 16,972 shares during the period. Creative Planning raised its stake in Carrizo Oil & Gas by 10.3% in the first quarter. Creative Planning now owns 7,955 shares of the oil and gas producer’s stock worth $228,000 after buying an additional 745 shares during the last quarter. TVR Capital Management LP purchased a new stake in Carrizo Oil & Gas during the first quarter worth $2,594,000. Croft Leominster Inc. purchased a new stake in Carrizo Oil & Gas during the first quarter worth $367,000. Finally, Vanguard Group Inc. raised its stake in Carrizo Oil & Gas by 6.2% in the first quarter. Vanguard Group Inc. now owns 6,022,707 shares of the oil and gas producer’s stock worth $172,611,000 after buying an additional 350,219 shares during the last quarter. Institutional investors own 89.12% of the company’s stock.

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.

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

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