NEW YORK (TheStreet) -- Shares of Carrizo Oil & Gas (CRZO) are up 2.88% to $66.11 after it provided an optimistic update on the wells being drilled in Weld County, CO in the Niobrara formation, and in Guernsey County, OH in the Utica Shale.
The independent energy company said, "While more production history is needed on these wells, the early results imply that there could be significant upside to our current drilling inventory."
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Separately, TheStreet Ratings team rates CARRIZO OIL & GAS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CARRIZO OIL & GAS INC (CRZO) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had sub par growth in net income."