Carrizo Oil & Gas (CRZO) Stock Advancing on Higher Oil Prices
NEW YORK (TheStreet) -- Shares of Carrizo Oil & Gas (CRZO) - Get Report are up by 0.54% to $35.68 on Friday afternoon, reflecting today's advancing oil prices.
The rise in oil prices comes as the oil demand outlook improved based on data from top energy consumers, the U.S. and China, Reuters reports.
Additionally, Baker Hughes (BHI) showed the number of oil rigs operating in U.S. fields rose by six to 357, compared to 638 active rigs at this time last year, CNBC reports. This is the sixth week in the last seven that U.S. drillers have added oil rigs.
Earlier in the week, concerns about a global oversupply of oil had weighed on oil prices.
Crude oil (WTI) is higher by 0.48% to $45.90 per barrel and Brent crude is higher by 0.49% to $47.60 per barrel this afternoon.
The Houston-based energy company is engaged in the exploration, development and production of oil and gas from U.S. resource plays, primarily focused in the Eagle Ford Shale in South Texas.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate CARRIZO OIL & GAS INC as a Sell with a ratings score of D. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: CRZO
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