Miller Tabak began coverage on shares of Carrizo Oil & Gas (NASDAQ:CRZO) in a research note issued on Monday, StockRatingsNetwork reports. The firm set a “buy” rating and a $46.00 price target on the stock. Miller Tabak’s target price suggests a potential upside of 27.99% from the stock’s previous close.
The analysts wrote, “We believe Carrizo Oil & Gas holds some of the best Eagle Ford acreage in LaSalle County with over 10 years of high rate of return drilling inventory and that the stock will significantly outperform its peers as investors assign more value to the company’s deep inventory. Additionally, Carrizo has locked up 16,000 net acres in the Utica shale, of which over 80% appears to be in the core of Guernsey and Noble Counties where some of the best wells have been drilled by other operators. A near-term opportunity exists for Carrizo to lock down an additional 16,000 net Utica acres from partner Avista Capital which could transform the company into a dual basin powerhouse with dominant acreage positions in the core areas of two of North America’s hottest plays.”
Shares of Carrizo Oil & Gas (NASDAQ:CRZO) traded down 0.71% on Monday, hitting $35.685. 405,454 shares of the company’s stock traded hands. Carrizo Oil & Gas has a 52-week low of $19.47 and a 52-week high of $37.39. The stock has a 50-day moving average of $34.02 and a 200-day moving average of $28.94. The company has a market cap of $1.458 billion and a price-to-earnings ratio of 17.91.
Carrizo Oil & Gas (NASDAQ:CRZO) last released its earnings data on Wednesday, August 7th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.08. The company had revenue of $134.22 million for the quarter, compared to the consensus estimate of $128.73 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter was up 60.1% on a year-over-year basis. Analysts expect that Carrizo Oil & Gas will post $2.59 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at SunTrust raised their price target on shares of Carrizo Oil & Gas (NASDAQ:CRZO) from $32.00 to $45.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Howard Weil raised their price target on shares of Carrizo Oil & Gas (NASDAQ:CRZO) from $33.00 to $38.00 in a research note to investors on Wednesday, September 4th. They now have a “sector perform” rating on the stock. Finally, analysts at Northland Securities raised their price target on shares of Carrizo Oil & Gas (NASDAQ:CRZO) from $43.00 to $47.00 in a research note to investors on Wednesday, September 4th.
One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $34.59.
Carrizo Oil & Gas, Inc (NASDAQ:CRZO) is an independent energy company.