FBR Capital Raises Price Target on Carrizo Oil & Gas (CRZO) After Meeting with Management
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FBR Capital reiterated an Outperform rating on Carrizo Oil & Gas (NASDAQ: CRZO), and raised the price target to $50.00 (from $49.00), after meeting with management. The raise in estimates is based on expectations of a three-rig program in the play.
Analyst Chad Mabry commented, "Last week, we hosted management of Carrizo Oil & Gas for investor meetings. Constructive client interest and positive company commentary reinforce our investment thesis on the name. We continue to believe that the Street is undervaluing CRZO on perceptions of lower growth and concerns about cash outspend. However, the value gap appears to be narrowing as 2017 consensus cash flow and production estimates have increased meaningfully over the past month. Additionally, recent developments in the Delaware Basin have been overwhelmingly positive for the company’s position in the play, while events in the Niobrara should facilitate a monetization. We are raising our price target to $50 (from $49) and maintaining our Outperform rating and Alpha Generator status on shares of CRZO."
Shares of Carrizo Oil & Gas closed at $39.57 yesterday.
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