Carrizo Oil & Gas (CRZO) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Carrizo Oil & Gas (NASDAQ:CRZO) from a strong-buy rating to a hold rating in a report released on Tuesday morning.

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. Piper Jaffray Companies restated a hold rating and issued a $37.00 target price on shares of Carrizo Oil & Gas in a research note on Tuesday. SunTrust Banks restated a buy rating and issued a $26.00 target price 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 target price for the company. Finally, Jefferies Group set a $21.00 target price on Carrizo Oil & Gas and gave the company a hold rating in a research note on Wednesday, December 20th. Eight equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Carrizo Oil & Gas has a consensus rating of Buy and a consensus target price of $29.50.

Shares of Carrizo Oil & Gas (CRZO) traded up $0.89 during mid-day trading on Tuesday, hitting $24.57. The stock had a trading volume of 4,107,000 shares, compared to its average volume of 2,782,938. The company has a market cap of $1,990.00, a price-to-earnings ratio of 15.85 and a beta of 2.18. Carrizo Oil & Gas has a 12-month low of $11.10 and a 12-month high of $37.47. 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 (NASDAQ:CRZO) last issued its quarterly earnings data on Tuesday, November 7th. The oil and gas producer reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.09. The firm had revenue of $181.28 million for the quarter, compared to analyst estimates of $177.97 million. Carrizo Oil & Gas had a return on equity of 58.37% and a net margin of 16.08%. The business’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period last year, the company earned $0.23 EPS. research analysts forecast 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 Carrizo Oil & Gas stock in a transaction on Friday, December 15th. The stock was sold at an average price of $18.57, for a total transaction of $148,560.00. Following the completion of the transaction, the chief executive officer now owns 223,194 shares in the company, valued at $4,144,712.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.00% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in CRZO. Bank of New York Mellon Corp raised its stake in Carrizo Oil & Gas by 7.7% during the second quarter. Bank of New York Mellon Corp now owns 898,017 shares of the oil and gas producer’s stock valued at $15,642,000 after buying an additional 64,310 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Carrizo Oil & Gas by 29.7% in the 2nd quarter. Legal & General Group Plc now owns 139,477 shares of the oil and gas producer’s stock worth $2,424,000 after purchasing an additional 31,980 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Carrizo Oil & Gas by 84.7% in the 2nd quarter. Prudential Financial Inc. now owns 194,590 shares of the oil and gas producer’s stock worth $3,390,000 after purchasing an additional 89,220 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Carrizo Oil & Gas by 45.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,117,051 shares of the oil and gas producer’s stock worth $19,459,000 after purchasing an additional 349,820 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Carrizo Oil & Gas by 26.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 133,434 shares of the oil and gas producer’s stock worth $2,324,000 after purchasing an additional 28,112 shares in the last quarter. Institutional investors and hedge funds own 99.96% of the company’s stock.

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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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