Simmons Raises Price Target on Carrizo Oil & Gas (CRZO) to $46; Reiterates Neutral
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Simmons reiterated a Neutral rating on Carrizo Oil & Gas (NASDAQ: CRZO), and raised the price target to $46.00 (from $42.00), following the company's 2Q earnings report.
Analyst Kashy Harrison commented, "Delivering double-digit oil production growth while maintaining cash flow neutrality in '17, assuming $55 WTI, highlights the quality of CRZO's core Eagle Ford position. Additionally, we believe the company has flexibility to remove most of the $95M incremental capital spend associated with '16 and hunker down if the commodity takes a turn for the worse. Although we are more positive on the margin following the earnings release given the company's growth potential, we remain on the sidelines as we believe the company's risk/reward proposition is fairly balanced. Specifically, while double-digit oil production growth in '17 is undoubtedly a distinguishable attribute in our universe, the less than ideal balance sheet could put the reigns on the growth engine and impact valuations should the commodity materially deteriorate."
Shares of Carrizo Oil & Gas closed at $36.29 yesterday.
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