Canaccord Genuity Cuts Price Target on Carrizo Oil & Gas (CRZO) Following 3Q15 Pre-Announcement
Canaccord Genuity maintained a Buy rating on Carrizo Oil & Gas (NASDAQ: CRZO), and cut the price target to $50.00 (from $54.00), following the company's 3Q15 pre-announcement. CRZO pre-announced Q3/15 production volumes of 35.95 MBoe/d.(66% oil), exceeding the high end of the company's guidance range of 33.1-34.3 MBoe/d.
Analyst Stephen Berman commented, "We like CRZO’s large, low-risk drilling inventory in the Eagle Ford (EF). The company also has a nascent position in the Delaware Basin and some nice acreage in the Niobrara and Utica. CRZO's quality EF acreage, combined with its low cost structure and solid balance sheet, make it one of our top picks in the prevailing commodity environment."
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 $40.35 yesterday.