Imperial Capital Starts Carrizo Oil & Gas (CRZO) at Outperform

March 5, 2014 8:13 AM EST
Get Alerts CRZO Hot Sheet
Price: $7.83 --0%

Rating Summary:
    9 Buy, 22 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 25 | Down: 19 | New: 35
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Imperial Capital initiates coverage on Carrizo Oil & Gas (NASDAQ: CRZO) with a Outperform rating and a price target of $60.00. Analyst Kim Pacanovsky said the company is "well positioned in the Eagle Ford, Niobrara, and Marcellus/Utica, CRZO's real estate and execution continue to fuel production growth."

She added, "The company recently raised its outlook for 2014 liquids growth to 50%, which leads to our estimate of EBITDA growth of 28% and year-end debt/EBITDAX of 1.7x (vs. 2.9x as of year-end 2012 and 4.1x as of yearend 2011), indicative, in our view, of CRZO’s commitment to improving debt metrics. With its strong production, improved balance sheet, and ample liquidity, and trading at just 5.7x 2014 EV/EBITDAX, we believe CRZO shares are undervalued."

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 $51.09 yesterday.


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