Imperial Capital Raises Price Target on Carrizo Oil & Gas (CRZO) to $45; Reiterates Outperform
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Imperial Capital reiterated an Outperform rating on Carrizo Oil & Gas (NASDAQ: CRZO), and raised the price target to $45.00 (from $39.00), following the company's 2Q earnings report.
Analyst Kim Pacanovsky commented, "On 8/4/16, CRZO released 2Q16 results. The company continues to maintain a conservative 2-rig program, which will allow it to operate near cash flow and also keep its credit metrics strong. With this program, the company continues to focus on its high IRR regions, test stagger stack configurations, and commence evaluation of its new Permian leasehold. 2Q16 benefited from lower costs, which we believe should carry through to the remainder of 2016. The company lowered cost guidance and raised oil production guidance to 25,150bbl/d–25,400bbl/d from 24,800bbl/d–25,300bbl/d."
Shares of Carrizo Oil & Gas closed at $37.52 yesterday.
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