Wells Fargo & Co Cuts Carrizo Oil & Gas (NASDAQ:CRZO) Price Target to $9.00

Carrizo Oil & Gas (NASDAQ:CRZO) had its target price lowered by Wells Fargo & Co from $11.00 to $9.00 in a report issued on Tuesday, BenzingaRatingsTable reports. Wells Fargo & Co currently has a market perform rating on the oil and gas producer’s stock.

A number of other brokerages have also issued reports on CRZO. Northland Securities reaffirmed a hold rating and set a $9.00 price target on shares of Carrizo Oil & Gas in a research note on Sunday, September 1st. Zacks Investment Research downgraded Carrizo Oil & Gas from a buy rating to a hold rating in a research report on Wednesday, July 24th. ValuEngine upgraded Carrizo Oil & Gas from a strong sell rating to a sell rating in a research report on Wednesday, October 2nd. MKM Partners reiterated a neutral rating and set a $11.00 price objective (down previously from $19.00) on shares of Carrizo Oil & Gas in a research report on Tuesday, July 16th. Finally, Raymond James downgraded Carrizo Oil & Gas from a strong-buy rating to a market perform rating in a research report on Wednesday, July 17th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $14.35.

NASDAQ CRZO traded down $0.62 on Tuesday, reaching $7.47. 5,840,551 shares of the stock traded hands, compared to its average volume of 5,227,387. The firm’s fifty day simple moving average is $8.24 and its 200 day simple moving average is $10.06. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 1.43. The company has a market cap of $749.22 million, a price-to-earnings ratio of 2.69, a P/E/G ratio of 0.12 and a beta of 2.13. Carrizo Oil & Gas has a 12 month low of $7.17 and a 12 month high of $22.16.

Carrizo Oil & Gas (NASDAQ:CRZO) last issued its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.04. The firm had revenue of $264.97 million during the quarter, compared to analyst estimates of $263.76 million. Carrizo Oil & Gas had a return on equity of 25.15% and a net margin of 55.87%. As a group, equities research analysts forecast that Carrizo Oil & Gas will post 2.53 EPS for the current fiscal year.

In other news, CEO S P. Iv Johnson sold 8,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $9.83, for a total value of $78,640.00. Following the completion of the sale, the chief executive officer now owns 171,221 shares in the company, valued at $1,683,102.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.80% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRZO. Point72 Hong Kong Ltd purchased a new stake in shares of Carrizo Oil & Gas in the second quarter valued at $54,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Carrizo Oil & Gas by 22.5% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,421 shares of the oil and gas producer’s stock valued at $75,000 after purchasing an additional 1,363 shares in the last quarter. Commonwealth Equity Services LLC purchased a new stake in shares of Carrizo Oil & Gas in the second quarter valued at $109,000. WINTON GROUP Ltd purchased a new stake in shares of Carrizo Oil & Gas in the second quarter valued at $116,000. Finally, Cetera Advisor Networks LLC purchased a new stake in shares of Carrizo Oil & Gas in the second quarter valued at $116,000.

Carrizo Oil & Gas Company Profile

Carrizo Oil & Gas, Inc, an energy company, explores for, develops, and produces crude oil, natural gas liquids, and gas from resource plays primarily in the United States. The company holds interests in oil and gas plays, including the Eagle Ford Shale in South Texas; and the Permian Basin in West Texas.

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Analyst Recommendations for Carrizo Oil & Gas (NASDAQ:CRZO)

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