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CRZO

Carrizo Oil & Gas

$17.20

0.64 (3.86%)

06:32
10/06/17
10/06
06:32
10/06/17
06:32

Carrizo Oil & Gas sells Marcellus Shale assets for $84M in cash

Carrizo Oil & Gas announced that on October 5, the company entered into an agreement to sell its assets in the Marcellus Shale to a subsidiary of Kalnin Ventures for $84M in cash, subject to customary closing terms and conditions. Additionally, Carrizo could receive contingent payments of up to $7.5M in aggregate based on natural gas prices exceeding certain thresholds over the next three years. Net production from the assets averaged more than 40 MMcf/d of natural gas over the first nine months of 2017. The effective date of the transaction is April 1, and the transaction is currently expected to close by the end of November.

  • 08

    Nov

CRZO Carrizo Oil & Gas
$17.20

0.64 (3.86%)

09/07/17
MZHO
09/07/17
DOWNGRADE
MZHO
Neutral
Carrizo Oil & Gas downgraded to Neutral from Buy at Mizuho
09/07/17
MZHO
09/07/17
DOWNGRADE
Target $32
MZHO
Neutral
Carrizo Oil & Gas downgraded to Neutral on near-term headwinds at Mizuho
As previously reported, Mizuho downgraded Carrizo Oil & Gas to Neutral from Buy and slashed its price target to $17 from $32. Analyst Timothy Rezvan said Carrizo faces too many near-term headwinds and doesn't see NAV upside driving near-term stock outperformance. He trimmed second half 2017 production to reflect a likely impact to Eagle Ford operations, and awaits news on asset sales and Delaware Basin execution.
09/07/17
09/07/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. trivago (TRVG) downgraded to Neutral from Buy at BofA/Merrill with analyst Nat Schindler citing a surprise lowering of its 2017 revenue growth target to 40% from 50% and reduced adjusted EBITDA to down year-over-year. 2. Carrizo Oil & Gas (CRZO) downgraded to Neutral from Buy at Mizuho with analyst Timothy Rezvan saying Carrizo faces too many near-term headwinds and doesn't see Net Asset Value upside driving near-term stock outperformance. 3. Varian Medical (VAR) downgraded on valuation, macro concerns at BTIG with analyst Sean LAvin saying he downgraded the stock "mainly on valuation." However, he also believes that the company's results could be hurt by "instability in Korea and multiple hurricanes." 4. Zymeworks (ZYME) assumed with an Underweight from Overweight at Barclays with analyst Gena Wang saying she has low expectations for the company's lead asset HER2 dispecific antibody ZW25 in HER and high and medium expressed breast cancer. 5. Sealed Air (SEE) downgraded to Neutral from Buy at Citi with analyst Anthony Pettinari saying the company's annual guidance is at risk due to resin headwinds post Hurricane Harvey. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/18/17
SBSH
09/18/17
INITIATION
Target $16
SBSH
Neutral
Carrizo Oil & Gas initiated with a Neutral at Citi
Citi analyst Jeanine Wai started Carrizo Oil & Gas with a Neutral rating and $16 price target. The company is a "show-me story" that will take time to prove out, the analyst contends.

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