Imperial Capital Raises Price Target on Carrizo Oil & Gas (CRZO) Ahead of 3Q Report

October 19, 2016 7:05 AM EDT
Get Alerts CRZO Hot Sheet
Price: $36.41 --0%

Rating Summary:
    25 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 2
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Imperial Capital reiterated an Outperform rating on Carrizo Oil & Gas (NASDAQ: CRZO), and raised the price target to $50.00 (from $45.00), ahead of the company's 3Q earnings report. The company continues to look at adding acreage in the Eagle Ford and although it has made unsolicited offers, it has apparently not been a high bidder. However, Imperial still recommend
investors stay with high quality companies with low breakevens, and CRZO fits that mold.

Analyst Kim Pacanovsky commented, "We are maintaining our Outperform rating on CRZO shares but are increasing our one-year price target to $50 from $45, about 29% above the recent share price. After reviewing guidance and discussing with the company, we are adjusting our liquids pricing downward, and adjusting our contribution from hedge settlements and fine-tuning costs. Despite our many changes, we are maintaining our 3Q16 EPS estimate of $0.26, and we are slightly raising our EBITDA estimate to $369.3mn from $368.0mn."

For an analyst ratings summary and ratings history on Carrizo Oil & Gas click here. For more ratings news on Carrizo Oil & Gas click here.

Shares of Carrizo Oil & Gas closed at $38.92 yesterday.

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