Mizuho Securities Starts Carrizo Oil & Gas (CRZO) at Neutral

October 5, 2016 4:13 PM EDT
Get Alerts CRZO Hot Sheet
Price: $36.15 -0.58%

Rating Summary:
    25 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 12
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Mizuho Securities initiates coverage on Carrizo Oil & Gas (NASDAQ: CRZO) with a Neutral rating and a price target of $42.00.

Analyst Timothy Rezvan commented, "Carrizo's Eagle Ford Shale drilling economics remain robust, but we see assets in the portfolio that are unlikely to be a second leg to the growth stool. A portfolio rationalization appears necessary (Marcellus/Niobrara) to strengthen the balance sheet and fund a more sizable position in the Delaware Basin without diluting equity holders. Carrizo has been on the outside looking in as Delaware Basin acreage gets snatched up, while leverage ticks up over 3x. The necessary adjustments are straightforward, but we prefer to stay sidelined until we see them play out."

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 $40.63 yesterday.

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