Carrizo Oil & Gas (CRZO) Stock Up Despite Falling Oil Prices
NEW YORK (TheStreet) -- Shares of Carrizo Oil & Gas (CRZO) - Get Report are up by 2.39% to $35.99 on Friday morning, despite oil prices dropping from this week's earlier gains.
Crude oil (WTI) is slipping by 0.89% to $45.89 per barrel this morning, while Brent crude is down by 0.63% to $47.45 per barrel.
On Wednesday, Crude oil was up 3.5% to $46.23 per barrel while Brent oil soared 4.3% to $47.51 per barrel. Oil prices are falling today as investors cash in on the recent gains and due to a strong dollar, Reuters reports.
In addition, JP Morgan upgraded Carrizo stock to "overweight" from "neutral" and increased its price target to $40 from $35.
"Our price target moves higher primarily to reflect lower completed well costs in the Eagle Ford, which the company now estimates at approximately $4.1 million (including facilities)," JP Morgan analysts said in an investor note.
Last week, Carrizo reported 2016 first quarter earnings of 14 cents per share on revenue of $81.3 million, lower than analysts' estimates for earnings of 15 cents per share on $117.9 million revenue.
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 rated Carrizo Oil & Gas as a "sell" with a score of D.
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:
This is driven by a few notable weaknesses, which TheStreet Ratings believes 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 covered.
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
