Zacks Investment Research upgraded shares of Carrizo Oil & Gas (NASDAQ:CRZO) from a hold rating to a buy rating in a report published on Friday morning. The firm currently has $22.00 price objective on the oil and gas producer’s stock.
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 research analysts have also issued reports on CRZO. BidaskClub upgraded Carrizo Oil & Gas from a sell rating to a hold rating in a research report on Thursday. Stifel Nicolaus increased their price objective on Carrizo Oil & Gas from $34.00 to $36.00 and gave the stock a buy rating in a research report on Monday, July 16th. ValuEngine lowered Carrizo Oil & Gas from a sell rating to a strong sell rating in a research report on Thursday, November 1st. JPMorgan Chase & Co. increased their price objective on Carrizo Oil & Gas from $26.00 to $29.00 and gave the stock a $28.42 rating in a research report on Monday, July 23rd. Finally, Jefferies Financial Group reiterated a hold rating and issued a $27.00 price objective on shares of Carrizo Oil & Gas in a research report on Wednesday, July 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $29.71.
Carrizo Oil & Gas (NASDAQ:CRZO) last posted its quarterly earnings results on Monday, November 5th. The oil and gas producer reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.15. The business had revenue of $303.40 million during the quarter, compared to analyst estimates of $265.34 million. Carrizo Oil & Gas had a return on equity of 56.06% and a net margin of 12.23%. The business’s revenue was up 67.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.33 earnings per share. On average, equities research analysts expect that Carrizo Oil & Gas will post 3.07 EPS for the current year.
In other news, COO John Bradley Fisher sold 7,500 shares of the firm’s stock in a transaction on Thursday, October 4th. The stock was sold at an average price of $25.01, for a total transaction of $187,575.00. Following the completion of the transaction, the chief operating officer now directly owns 157,436 shares in the company, valued at $3,937,474.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO S P. Iv Johnson sold 8,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $22.55, for a total value of $180,400.00. Following the transaction, the chief executive officer now owns 180,276 shares of the company’s stock, valued at $4,065,223.80. The disclosure for this sale can be found here. Insiders sold 31,500 shares of company stock valued at $737,095 over the last quarter. 5.40% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CRZO. Advisors Asset Management Inc. boosted its position in shares of Carrizo Oil & Gas by 26,788.1% during the second quarter. Advisors Asset Management Inc. now owns 1,821,670 shares of the oil and gas producer’s stock worth $183,000 after buying an additional 1,814,895 shares during the period. BlackRock Inc. boosted its position in shares of Carrizo Oil & Gas by 14.4% during the third quarter. BlackRock Inc. now owns 12,449,324 shares of the oil and gas producer’s stock worth $313,723,000 after buying an additional 1,569,126 shares during the period. Laurion Capital Management LP purchased a new position in shares of Carrizo Oil & Gas during the second quarter worth $38,719,000. Hood River Capital Management LLC purchased a new position in shares of Carrizo Oil & Gas during the second quarter worth $26,558,000. Finally, LSV Asset Management boosted its position in shares of Carrizo Oil & Gas by 18.8% during the second quarter. LSV Asset Management now owns 4,082,450 shares of the oil and gas producer’s stock worth $113,696,000 after buying an additional 645,350 shares during the period.
Carrizo Oil & Gas Company Profile
Carrizo Oil & Gas, Inc, together with its subsidiaries, engages in the exploration, development, and production of crude oil, natural gas liquids, and gas from resource plays primarily in the United States. The company holds interests in oil and gas plays, including Eagle Ford Shale in South Texas; and the Delaware Basin in West Texas.
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