KLR Group Upgrades Carrizo Oil & Gas (CRZO) to Buy Following Recent Sell-Off

November 7, 2016 7:23 AM EST
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: 7 | Down: 3 | New: 2
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KLR Group upgraded Carrizo Oil & Gas (NASDAQ: CRZO) from Accumulate to Buy with a price target of $47.00 (from $44.00), citing valuation following the recent sell-off.

Analyst John Gerdes commented, We are upgrading CRZO from Accumulate to Buy and increasing our target price $3 to $47 per share due to slightly lower capital intensity. CRZO has depreciated ~15% since our mid-October downgrade, underperforming the sector by almost 10%, and now reflects sufficient upside (~40%) to merit a Buy rating.

Carrizo’s mid-cycle capital yield of ~140% is modestly superior to the industry median of ~130%. Our economic model contemplates a three to four-rig program across the asset portfolio in ’17 and a five-rig program thereafter (four rigs allocated to the Eagle Ford)."

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 $33.60 yesterday.

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