In a report released today, Jeff Grampp from Northland Securities maintained a Buy rating on Carrizo Oil & Gas (CRZO), with a price target of $25. The company’s shares closed yesterday at $11.13, close to its 52-week low of $9.67.
Grampp said:
“We think CRZO had a positive 1Q19 as the quarter beat expectations and was accompanied by well cost reductions and encouraging results from its large-scale projects in both the Delaware Basin. Of particular note is its Delaware Basin project where it saw positive well communication with improved frac efficiency. Additionally, the company appears poised to begin generating FCF after a front-end loaded CapEx spend in 1Q19. Reiterate OP and $25 PT.”
According to TipRanks.com, Grampp is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -8.4% and a 31.4% success rate. Grampp covers the Basic Materials sector, focusing on stocks such as Sundance Energy Australia, Penn Virginia Corporation, and SilverBow Resources Inc.
Carrizo Oil & Gas has an analyst consensus of Moderate Buy, with a price target consensus of $17.38, which is a 56.2% upside from current levels. In a report released today, Williams Capital also reiterated a Buy rating on the stock with a $18 price target.
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Carrizo Oil & Gas’ market cap is currently $1.02B and has a P/E ratio of 2.69. The company has a Price to Book ratio of 1.04.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock.
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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 Alan Webster in December 1993 and is headquartered in Houston, TX.
