Carrizo Oil & Gas (CRZO) Downgraded by Zacks Investment Research

Carrizo Oil & Gas (NASDAQ:CRZO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

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 research firms have also commented on CRZO. Royal Bank of Canada reaffirmed a “buy” rating and set a $29.00 price objective on shares of Carrizo Oil & Gas in a research note on Thursday, July 12th. Jefferies Financial Group reaffirmed a “hold” rating and set a $27.00 price objective on shares of Carrizo Oil & Gas in a research note on Wednesday, July 18th. Williams Capital reaffirmed a “buy” rating and set a $41.00 price objective on shares of Carrizo Oil & Gas in a research note on Monday, July 23rd. JPMorgan Chase & Co. upped their price objective on shares of Carrizo Oil & Gas from $26.00 to $29.00 and gave the company a “$28.42” rating in a research note on Monday, July 23rd. Finally, Stifel Nicolaus upped their price objective on shares of Carrizo Oil & Gas from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, July 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Carrizo Oil & Gas currently has a consensus rating of “Buy” and an average target price of $29.78.

NASDAQ CRZO traded down $1.11 on Thursday, reaching $19.29. The company’s stock had a trading volume of 2,596,895 shares, compared to its average volume of 2,897,808. Carrizo Oil & Gas has a twelve month low of $13.49 and a twelve month high of $31.57. The company has a current ratio of 0.27, a quick ratio of 0.26 and a debt-to-equity ratio of 1.84. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 13.49 and a beta of 2.28.

Carrizo Oil & Gas (NASDAQ:CRZO) last posted its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.15. Carrizo Oil & Gas had a net margin of 12.23% and a return on equity of 56.06%. The company had revenue of $303.40 million during the quarter, compared to analyst estimates of $265.34 million. During the same period in the prior year, the firm earned $0.33 earnings per share. The business’s quarterly revenue was up 67.3% on a year-over-year basis. As a group, research analysts predict that Carrizo Oil & Gas will post 2.98 earnings per share for the current year.

In other news, insider S P. Iv Johnson sold 8,000 shares of the company’s stock in a transaction dated Monday, October 15th. The stock was sold at an average price of $22.32, for a total value of $178,560.00. Following the transaction, the insider now owns 163,076 shares in the company, valued at approximately $3,639,856.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO John Bradley Fisher sold 7,500 shares of the company’s stock in a transaction dated Thursday, October 4th. The shares were sold at an average price of $25.01, for a total value of $187,575.00. Following the completion of the transaction, the chief operating officer now owns 157,436 shares in the company, valued at approximately $3,937,474.36. The disclosure for this sale can be found here. Insiders sold a total of 31,500 shares of company stock worth $737,095 in the last quarter. 5.40% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of CRZO. PNC Financial Services Group Inc. increased its holdings in shares of Carrizo Oil & Gas by 91.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 5,625 shares of the oil and gas producer’s stock valued at $156,000 after purchasing an additional 2,680 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Carrizo Oil & Gas by 26,788.1% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,821,670 shares of the oil and gas producer’s stock valued at $183,000 after purchasing an additional 1,814,895 shares during the period. Creative Planning acquired a new position in shares of Carrizo Oil & Gas in the 2nd quarter valued at about $222,000. Berkshire Asset Management LLC PA acquired a new position in shares of Carrizo Oil & Gas in the 2nd quarter valued at about $252,000. Finally, CIBC Asset Management Inc acquired a new position in shares of Carrizo Oil & Gas in the 2nd quarter valued at about $278,000.

About Carrizo Oil & Gas

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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