KeyBanc Downgrades Carrizo Oil & Gas (CRZO) to Hold

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January 23, 2013 8:39 AM EST
Get Alerts CRZO Hot Sheet
Price: $7.83 --0%

Rating Summary:
    8 Buy, 21 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 15 | New: 40
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KeyBanc downgraded Carrizo Oil & Gas (NASDAQ: CRZO) from Buy to Hold.

The firm comments, "We view the Company's lack of capital discipline to be harmful to value creation and the resulting free cash flow deficits that we forecast through 2014 (93%/54% outspend in '13/ 14) to expose the Company to excess risk in the event of a depressed commodity price environment given an already over- leveraged balance sheet (3.3x debt/EBITDAX YE12). At 4.8x 2014 EV/EBITDAX, we would prefer higher quality Eagle Ford operators trading at lower multiples (ROSE - 4.1x)."

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 $22.43 yesterday.

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