Credit Suisse Raises Price Target on Carrizo Oil & Gas (CRZO), Looks to Purchase an Additional 8K Acres at Eagle Ford

Credit Suisse is reiterating its Neutral rating on shares of Carrizo Oil & Gas (NASDAQ: CRZO), but is raising its price target from $34 to $43 due to the current delineation of CRZO's Niobrara acreage and acceleration in the Eagle Ford and Marcellus plays.

The company plans on using the $104 million from the the sale of its Barnett assets to fund the purchase of eight thousand acres in the condensate window of the Eagle Ford. CRZO currently owns twenty thousand acres at Eagle Ford.

Management noted that it is currently less likely to monetize the Huntington North Sea assets until first production in 1Q12, it provides flexibility should CRZO faces liquidity issues in the near-term.

The firm is lowering its FY11 and FY12 EPS estimates by 10% and 8% to to $1.93 and $5.39 and is raising its 2013 estimate by 10% to $9.22.

For more ratings news on Carrizo Oil & Gas click here and for the rating history of Carrizo Oil & Gas click here.

Shares of Carrizo Oil & Gas closed at $37.13 yesterday.

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