Oppenheimer analyst Tim Rezvan maintained a Hold rating on Carrizo Oil & Gas (CRZO) yesterday. The company’s shares closed yesterday at $12.52, close to its 52-week low of $9.67.
Rezvan noted:
“We expect a modest positive reaction to Carrizo’s pre-announced production/capex, and its broad strokes guidance on 2019 activity. In a low $50’s oil world, the company introduced a conservative and nimble budget that should deliver strong FCF generation ($193 M, based on our $61/b WTI forecast). With a 2-3 rig program in the Delaware Basin planned for 2019, we believe strengthening oil prices could result in more Eagle Ford Shale activity than the current one rig program, while still delivering significant FCF in ’19.”
According to TipRanks.com, Rezvan is a 2-star analyst with an average return of 0.1% and a 47.4% success rate. Rezvan covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp, Gulfport Energy Corp, and Par Pacific Holdings.
Currently, the analyst consensus on Carrizo Oil & Gas is a Moderate Buy with an average price target of $23.05.
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Carrizo Oil & Gas’ market cap is currently $1.15B and has a P/E ratio of 11.33. The company has a Price to Book ratio of 1.59.
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Carrizo Oil & Gas, Inc. engages in the exploration, development, and production of natural gas and oil. Its operations include Delaware Basin and Eagle Ford Shale. The company was founded by Sylvester P. Johnson IV and Steven A. Webster in December 1993 and is headquartered in Houston, TX.
