UPDATE: Miller Tabak Initiates Coverage on Carrizo Oil & Gas on Best Eagle Ford Acreage
In a report published Monday, Miller Tabak analyst Adam Michael initiated coverage on Carrizo Oil & Gas (NASDAQ: CRZO) with a Buy rating and $46.00 price target.
In the report, Miller Tabak noted, “We believe Carrizo Oil & Gas holds some of the best Eagle Ford acreage in LaSalle County with over 10 years of high rate of return drilling inventory and that the stock will significantly outperform its peers as investors assign more value to the company's deep inventory. Additionally, Carrizo has locked up 16,000 net acres in the Utica shale, of which over 80% appears to be in the core of Guernsey and Noble Counties where some of the best wells have been drilled by other operators. A near-term opportunity exists for Carrizo to lock down an additional 16,000 net Utica acres from partner Avista Capital which could transform the company into a dual basin powerhouse with dominant acreage positions in the core areas of two of North America's hottest plays.”
Carrizo Oil & Gas closed on Friday at $35.94.
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