Investment analysts at Canaccord Genuity dropped their target price on shares of Carrizo Oil & Gas (NASDAQ: CRZO) from $35.00 to $34.00 in a note issued to investors on Wednesday. The firm currently has a “buy” rating on the stock.
The analysts wrote, “We lowered our target price $1 to $34 per share due to a slightly higher NGL composition. Notably, our target price includes a value of $20K per acre for the company’s Utica Shale leasehold in Guernsey County. Early this year, Carrizo exercised its option to increase its leasehold in the Utica play to 17,000 net acres; approximately 50% of the acreage is in highly prospective Guernsey County. The company plans to drill its first Utica test in Guernsey County this summer.”
Carrizo Oil & Gas traded up 4.87% on Wednesday, hitting $23.68. Carrizo Oil & Gas has a 1-year low of $19.04 and a 1-year high of $31.62. The stock’s 50-day moving average is currently $21.51. The company has a market cap of $949.2 million and a price-to-earnings ratio of 20.70.
Carrizo Oil & Gas last announced its earnings results on Tuesday, February 26th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.20. The company had revenue of $116.70 million for the quarter, compared to the consensus estimate of $107.11 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 92.7% on a year-over-year basis. Analysts expect that Carrizo Oil & Gas will post $1.97 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Oppenheimer cut their price target on shares of Carrizo Oil & Gas to $30.00 in a research note to investors on Wednesday. Separately, analysts at JPMorgan Chase cut their price target on shares of Carrizo Oil & Gas to $21.00 in a research note to investors on Thursday, February 21st. Finally, analysts at Zacks upgraded shares of Carrizo Oil & Gas from an “underperform” rating to a “neutral” rating in a research note to investors on Monday, February 18th. They now have a $21.80 price target on the stock.
Six investment analysts have rated the stock with a buy rating, three have given an overweight rating, seven have given a hold rating, and one has issued a sell rating to the stock. The stock currently has a consensus rating of “overweight” and an average target price of $29.21.
Carrizo Oil & Gas, Inc. (Carrizo) is an independent energy company, together with its subsidiaries is engaged in the exploration, development, production and transportation of natural gas and oil, principally in the United States.
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