Shares of commodity companies AK Steel Holding Co. (AKS), Berry Petroleum Comp (BRY), Comstock Resources (CMRE), Cabot Oil & Gas (COG), Carrizo Oil & Gas (CRZO), DTE Energy (DTE), Devon Energy Co. (DVN), Kinross Gold (KGC), Silver Wheaton Corp. (SLW), Sempra Energy (SRE) and Syngenta AG (SYT) were downgraded by analysts.
UBS AG (NYSE: UBS) downgraded AK Steel Holding Co. (AKS) from a "Buy" rating to a "Neutral" rating.
Tudor Pickering downgraded Berry Petroleum Comp (BRY) from an "Accumulate" rating to a "Hold" rating.
Wells Fargo & Co. (NYSE: WFC) downgraded Comstock Resources (CMRE) from an "Outperform" rating to a "Market Perform" rating.
Tudor Pickering downgraded Cabot Oil & Gas (COG) from an "Accumulate" rating to a "Hold" rating.
Tudor Pickering downgraded Carrizo Oil & Gas (CRZO) from a "Buy" rating to an "Accumulate" rating.
Argus downgraded DTE Energy (DTE) from a "Buy" rating to a "Hold" rating.
Tudor Pickering downgraded Devon Energy Co. (DVN) from a "Buy" rating to an "Accumulate" rating.
Macquarie downgraded Kinross Gold (KGC) from an "Outperform" rating to a "Neutral" rating.
Macquarie downgraded Silver Wheaton Corp. (SLW) from an "Outperform" rating to a "Neutral" rating.
Argus downgraded Sempra Energy (SRE) from a "Buy" rating to a "Hold" rating.
Sanford C. Bernstein downgraded Syngenta AG (SYT) from a "Market Perform" rating to an "Underperform" rating.
Showing posts with label Carrizo Oil and Gas. Show all posts
Showing posts with label Carrizo Oil and Gas. Show all posts
Monday, July 23, 2012
Thursday, June 9, 2011
Ratings on (NE) (NOG) (BHI) (COG) (CRZO) (ESV) Upgraded
Analysts upgraded ratings on Noble Corp (NYSE: NE), Northern Oil & Gas, Inc. (NYSE: NOG), Baker Hughes (NYSE: BHI), Cabot Oil & Gas (NYSE: COG), Carrizo Oil & Gas (NASDAQ: CRZO) and ENSCO PLC (NYSE: ESV).
Dahlman Rose upgraded Noble Corp (NE) from a “hold” rating to a “buy” rating. They have a price target of $48.00 on the company.
CapitalOne Southcoast upgraded Northern Oil & Gas, Inc. (NOG) from an “add” rating to a “strong buy” rating. They have a price target of $37.00 on the company.
Credit Agricole upgraded Baker Hughes (BHI) from an “outperform” rating to a “buy” rating.
Canaccord Genuity upgraded Cabot Oil & Gas (COG) from a “hold” rating to a “buy” rating. They have a price target of $85.00 on the company, up from $58.00.
Howard Weil upgraded Carrizo Oil & Gas (CRZO) from a “market perform” rating to an “outperform” rating. They have a price target of $50.00 on the company, up from $45.00.
Dahlman Rose upgraded ENSCO PLC (ESV) from a “hold” rating to a “buy” rating. They have a price target of $70.00 on the company.
Dahlman Rose upgraded Noble Corp (NE) from a “hold” rating to a “buy” rating. They have a price target of $48.00 on the company.
CapitalOne Southcoast upgraded Northern Oil & Gas, Inc. (NOG) from an “add” rating to a “strong buy” rating. They have a price target of $37.00 on the company.
Credit Agricole upgraded Baker Hughes (BHI) from an “outperform” rating to a “buy” rating.
Canaccord Genuity upgraded Cabot Oil & Gas (COG) from a “hold” rating to a “buy” rating. They have a price target of $85.00 on the company, up from $58.00.
Howard Weil upgraded Carrizo Oil & Gas (CRZO) from a “market perform” rating to an “outperform” rating. They have a price target of $50.00 on the company, up from $45.00.
Dahlman Rose upgraded ENSCO PLC (ESV) from a “hold” rating to a “buy” rating. They have a price target of $70.00 on the company.
Tuesday, May 24, 2011
Carrizo's (CRZO) Rating Upgraded by Wells Fargo (WFC)
Wells Fargo & Co. (NYSE:WFC) upgraded Carrizo Oil & Gas (NASDAQ: CRZO) from a “Market Perform” rating to an “Outperform” rating.
The giant bank lowered their 2011 EPS estimate on Carrizo from $1.93 to $1.90, while raising its 2012 EPS estimate from $5.60 to $5.76.
"As the company shifts its focus from the Barnett towards the emerging Eagle Ford, Marcellus, and Niobrara plays, we believe Carrizo will see an impressive production growth profile over the next few years while changing the production mix to be more weighted towards liquids. We believe this growth coupled with cash flow to cover anticipated capital needs will drive shares to Outperform peers," said Wells.
Carrizo Oil & Gas, Inc. participates in the exploration, development, production, and transportation of oil and natural gas, most in the United States.
Carrizo shares are jumping today, trading at $37.06, gaining $2.58, or 7.48 percent, as of 2:01 PM EDT.
The giant bank lowered their 2011 EPS estimate on Carrizo from $1.93 to $1.90, while raising its 2012 EPS estimate from $5.60 to $5.76.
"As the company shifts its focus from the Barnett towards the emerging Eagle Ford, Marcellus, and Niobrara plays, we believe Carrizo will see an impressive production growth profile over the next few years while changing the production mix to be more weighted towards liquids. We believe this growth coupled with cash flow to cover anticipated capital needs will drive shares to Outperform peers," said Wells.
Carrizo Oil & Gas, Inc. participates in the exploration, development, production, and transportation of oil and natural gas, most in the United States.
Carrizo shares are jumping today, trading at $37.06, gaining $2.58, or 7.48 percent, as of 2:01 PM EDT.
Wednesday, October 20, 2010
Brigham (Nasdaq:BEXP), Carrizo (Nasdaq:CRZO), GeoResources (Nasdaq:GEOI), Harvest (NYSE:HNR), Plains (NYSE:PXP), Venoco (NYSE:VQ), Ultra (NYSE:UPL) T
Long term, Global Hunter likes the natural gas sector, and said prices may rebound sooner than believed by most. Top picks in the sector by Hunter include Brigham Exploration (Nasdaq:BEXP), Carrizo Oil & Gas (Nasdaq:CRZO), GeoResources (Nasdaq:GEOI), Harvest Natural Resources (NYSE:HNR), Plains Exploration (NYSE:PXP), Venoco Inc. (NYSE:VQ) and Ultra Petroleum (NYSE:UPL).
"We are not 'throwing out the baby with the bath water' although we are reducing our natural gas price forecast. We are doing this to be conservative to the strip as we like to “sell the downside” and revise estimates up. In fact, for the first time since 1Q10, we are becoming more optimistic about natural gas prices in the future. It is our opinion that oil may be the best thing to happen to natural gas since the Natural Gas Wellhead Decontrol Act of 1989 was inked that deregulated natural gas prices. By this, we mean that the technology that generated an overabundance of natural gas is now migrating to potentially better economic unconventional oil reservoirs. Given the relative value per MMBtu, we believe it will be likely difficult for human, financial, and oilfield service assets to migrate back to natural gas drilling if these oily projects are economically viable. In other words, the mechanism for bursting the new gas bubble may now be in place as long as a disparity exists between U.S. natural gas prices and global crude prices. And, much like the early 1990s, it is not likely to be a one or two quarter fix. However, natural gas price recovery could occur in 2H11 if operators curb natural gas spending and there remains an increasing focus on liquids rich projects," said Global.
"We are adjusting our 2010 oil and gas prices from $77.32 to $77.84 per barrel and from $4.66 to $4.41 per Mcf, respectively. We are also altering our 2011 oil and gas prices from $79.77 to $81.10 per barrel and $5.34 to $4.35 per Mcf, respectively. Further, although we are maintaining our $80 long term oil price deck, we are reducing our long term natural gas price deck to $5.50 from $6.00 per Mcf given the forward curve of natural gas and our forecast, that under the current cost structure of the industry, natural gas needs to be between $5.50 and $6.00 in order to keep the market balanced."
Companies Global Hunter said they're maintaining "Buy" ratings on, which incude some of their top picks above, are Berry Petroleum (NYSE:BRY), Brigham Exploration, Callon Petroleum (NYSE:CPE), Carrizo Oil & Gas, Clayton Williams Energy (Nasdaq:CWEI), Comstock Resources (NYSE:CRK), Endeavour International (NYSE:END), GeoResources, Harvest Natural Resources, PDC Energy (Nasdaq:PETD), PetroQuest Energy (NYSE:PQ), Plains Exploration & Production, Venoco Inc., Whiting Petroleum (NYSE:WLL), and Ultra Petroleum.
Natural gas companies ratings downgraded by Global are Chesapeake Energy (NYSE:CHK), Continental Resources (NYSE:CLR), Crimson Exploration (Nasdaq:CXPO), Range Resources (NYSE:RRC), Rosetta Resources (Nasdaq:ROSE), Southwestern Energy (NYSE:SWN), and TransAtlantic Petroleum (NYSE:TAT). All of them were cut from "Buy" to "Accumulate."
There is no doubt natural gas companies could be among the best buys at this time, being out of favor because of the extraordinary amount of supply, but this is definitely a buying opportunity for those doing their homework and investing in solid companies at great prices.
"We are not 'throwing out the baby with the bath water' although we are reducing our natural gas price forecast. We are doing this to be conservative to the strip as we like to “sell the downside” and revise estimates up. In fact, for the first time since 1Q10, we are becoming more optimistic about natural gas prices in the future. It is our opinion that oil may be the best thing to happen to natural gas since the Natural Gas Wellhead Decontrol Act of 1989 was inked that deregulated natural gas prices. By this, we mean that the technology that generated an overabundance of natural gas is now migrating to potentially better economic unconventional oil reservoirs. Given the relative value per MMBtu, we believe it will be likely difficult for human, financial, and oilfield service assets to migrate back to natural gas drilling if these oily projects are economically viable. In other words, the mechanism for bursting the new gas bubble may now be in place as long as a disparity exists between U.S. natural gas prices and global crude prices. And, much like the early 1990s, it is not likely to be a one or two quarter fix. However, natural gas price recovery could occur in 2H11 if operators curb natural gas spending and there remains an increasing focus on liquids rich projects," said Global.
"We are adjusting our 2010 oil and gas prices from $77.32 to $77.84 per barrel and from $4.66 to $4.41 per Mcf, respectively. We are also altering our 2011 oil and gas prices from $79.77 to $81.10 per barrel and $5.34 to $4.35 per Mcf, respectively. Further, although we are maintaining our $80 long term oil price deck, we are reducing our long term natural gas price deck to $5.50 from $6.00 per Mcf given the forward curve of natural gas and our forecast, that under the current cost structure of the industry, natural gas needs to be between $5.50 and $6.00 in order to keep the market balanced."
Companies Global Hunter said they're maintaining "Buy" ratings on, which incude some of their top picks above, are Berry Petroleum (NYSE:BRY), Brigham Exploration, Callon Petroleum (NYSE:CPE), Carrizo Oil & Gas, Clayton Williams Energy (Nasdaq:CWEI), Comstock Resources (NYSE:CRK), Endeavour International (NYSE:END), GeoResources, Harvest Natural Resources, PDC Energy (Nasdaq:PETD), PetroQuest Energy (NYSE:PQ), Plains Exploration & Production, Venoco Inc., Whiting Petroleum (NYSE:WLL), and Ultra Petroleum.
Natural gas companies ratings downgraded by Global are Chesapeake Energy (NYSE:CHK), Continental Resources (NYSE:CLR), Crimson Exploration (Nasdaq:CXPO), Range Resources (NYSE:RRC), Rosetta Resources (Nasdaq:ROSE), Southwestern Energy (NYSE:SWN), and TransAtlantic Petroleum (NYSE:TAT). All of them were cut from "Buy" to "Accumulate."
There is no doubt natural gas companies could be among the best buys at this time, being out of favor because of the extraordinary amount of supply, but this is definitely a buying opportunity for those doing their homework and investing in solid companies at great prices.
Monday, September 13, 2010
Carrizo (NASDAQ:CRZO) Closes Marcellus Shale Deal with Reliance Industries
The joint venture deal between Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) and a subsidiary of Reliance Industries Limited has been closed.
Reliance acquired a 20 percent stake in close to 52,200 net Carrizo acres in Pennsylvania Marcellus Shale.
The overall price was $65 million, with Carrizo paying $11.4 million at close, with an additional $1.7 million to be paid later in 2010. The remaining $52 million will be paid as a share of "future drilling,
completion, and seismic costs."
Carrizo affiliate, Avista Capital Partners, simultaneously closed on the same properties with Reliance for about $327 million. Carrizo will receive $44 million in cash from their affiliate from the sale of the 52,500 acres.
The agreement between Carrizo and Reliant is effective immediately.
Reliance acquired a 20 percent stake in close to 52,200 net Carrizo acres in Pennsylvania Marcellus Shale.
The overall price was $65 million, with Carrizo paying $11.4 million at close, with an additional $1.7 million to be paid later in 2010. The remaining $52 million will be paid as a share of "future drilling,
completion, and seismic costs."
Carrizo affiliate, Avista Capital Partners, simultaneously closed on the same properties with Reliance for about $327 million. Carrizo will receive $44 million in cash from their affiliate from the sale of the 52,500 acres.
The agreement between Carrizo and Reliant is effective immediately.
Saturday, April 10, 2010
Carrizo (Nasdaq:CRZO) Latest Natural Gas Company to Migrate Toward Oil
Carrizo Oil & Gas Gravitating Toward Oil
With what looks like an abundance of natural gas reserves which could last for a century or more, natural gas companies like Carrizo Oil & Gas (Nasdaq:CRZO) are now gravitating toward oil as a way to diversify their product portfolios, as the huge store of natural gas is expected to put downward pressure on natural gas for some time, which of course will squeeze margins.
Oil on the other hand is expected to continue increasing in price, or at minimum hold in price, making it more desirable than natural gas at this time.
Consequently, Carrizzo announced it was going to increase its budget for oil production from $170 million to $225 million, including, along with production, increased acreage and reserves.
Carrizo has recently offered 2.5 million shares of common stock at $23.50, which has reportedly been raised to pay back money it has borrowed from its revolving credit line, but other reports have stated it's to acquire more acreage. Possibly the credit line was tapped for the acreage, although it isn't clear that that's the case.
It looks like once some natural gas companies moved toward oil, the rest are starting to stampede that way, as the future of natural gas, while abundant and saleable, will have margins pressured for a long time, which will dim the profits being generated by the company, even if revenue from natural gas sales grow.
Maybe they should concentrate on selling more and let the profits grow from increased sales, even if margins are less; similar to Wal-Mart (NYSE:WMT) turning over inventory with low margins but high revenue, which in turn raises profits from inventory turnover rather than solely on margins.
With what looks like an abundance of natural gas reserves which could last for a century or more, natural gas companies like Carrizo Oil & Gas (Nasdaq:CRZO) are now gravitating toward oil as a way to diversify their product portfolios, as the huge store of natural gas is expected to put downward pressure on natural gas for some time, which of course will squeeze margins.
Oil on the other hand is expected to continue increasing in price, or at minimum hold in price, making it more desirable than natural gas at this time.
Consequently, Carrizzo announced it was going to increase its budget for oil production from $170 million to $225 million, including, along with production, increased acreage and reserves.
Carrizo has recently offered 2.5 million shares of common stock at $23.50, which has reportedly been raised to pay back money it has borrowed from its revolving credit line, but other reports have stated it's to acquire more acreage. Possibly the credit line was tapped for the acreage, although it isn't clear that that's the case.
It looks like once some natural gas companies moved toward oil, the rest are starting to stampede that way, as the future of natural gas, while abundant and saleable, will have margins pressured for a long time, which will dim the profits being generated by the company, even if revenue from natural gas sales grow.
Maybe they should concentrate on selling more and let the profits grow from increased sales, even if margins are less; similar to Wal-Mart (NYSE:WMT) turning over inventory with low margins but high revenue, which in turn raises profits from inventory turnover rather than solely on margins.
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