KLR Group Upgrades Carrizo Oil & Gas (CRZO) to Buy Following Recent Sell-Off
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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)."
Shares of Carrizo Oil & Gas closed at $33.60 yesterday.
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