UPDATE: Oppenheimer Reiterates Carrizo Oil & Gas at Outperform and Cuts PT to $30 from $36

In a report published Tuesday, Oppenheimer maintained Carrizo Oil & Gas

at Outperform reflecting the current market environment. Oppenheimer reported that, “We believe CRZO shares are attractive based on the company's above-peer average oil growth profile, which we estimate to be 30% in 2013, and a low relative valuation. CRZO's production growth is expected to come primarily from a ramp-up in crude oil and condensate volumes from the Eagle Ford, with additional growth in the Niobrara, Marcellus and in 2014, the Utica. We anticipate the oil/gas mix will increase from 30% in 2012 to nearly 40% in 2013. Higher liquid volumes should significantly boost 2013 operating cash flow and ease any capital funding concerns that investors may have.” Carrizo Oil & Gas shares closed at $22.58 on Tuesday.