UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Carrizo Oil & Gas
In a report published Monday, Jefferies & Company reiterated its Hold rating on Carrizo Oil & Gas (NASDAQ: CRZO), but lowered its price target from $28.00 to $25.00.
Jefferies noted, “CRZO to sell North Sea Huntington interests to Iona Energy (INA-V, C $0.475, NC) for $184mm, largely in-line with expectations. Net proceeds to CRZO expected to be $116mm after repayment of UK credit facility, working capital adjustments, and transaction related costs. Closing expected before end of January...$25 PT (lowered from $28) includes $57/share of value for projected ye2013 proved reserves of 916 bcfe (33% oil), worth $2.48 per mcfe on a price deck of $95/bbl oil and $4/mcf gas. We then net out ($32)/shr for debt and working capital. Risks to our valuation include commodity price volatility and geologic irregularities.”
Carrizo Oil & Gas closed on Friday at $21.81.
Latest Ratings for CRZO
|Oct 2015||KLR Group||Downgrades||Buy||Accumulate|
|Oct 2015||Canaccord Genuity||Maintains||Buy|
|Oct 2015||SunTrust Robinson Humphrey||Maintains||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.