Carrizo Oil & Gas (CRZO) Increase Guidance, Northland Capital Markets Raise PT

Northland Capital Markets maintain an Outperform rating on Carrizo Oil & Gas Inc. (NASDAQ: CRZO) while raising the price target to $65 (from $61) following impressive Q1 results. CRZO production beat both expectations and guidance in 1Q15. With no signs of slowing down, CRZO increased production guidance.

Northland analyst Jeff Grampp commented on CRZO's 1Q saying, "CRZO reported 1Q15 adjusted EBITDA of $101.8MM, above our estimate of $100.3MM on higher production, partly offset by lower realized prices. Production of 34,595 BOEPD (62% oil) beat our estimate of 32,421 BOEPD (64% oil) and guidance of 30,800-32,867 BOEPD. Realized prices of $47.87/BOE were lower than our estimate of $50.40/BOE due to lower oil realizations."

Grampp added that, "Production guidance for 2015 was increased at midpoints from 33,767 BOEPD (65% oil) to 34,467 BOEPD (65% oil) and while not a monumental increase, CRZO has a strong track record of incrementally moving up guidance throughout the year."

For an analyst ratings summary and ratings history on Carrizo Oil & Gas click here. For more ratings news on Carrizo Oil & Gas click here.

Shares of Carrizo Oil & Gas closed at $52.58 yesterday.

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