Wed, Jan. 6, 3:47 PM
- Stone Energy (SGY -15.9%) is slammed after FBR Capital downgrades shares to Market Perform from Outperform and Imperial Capital slashes its price target to $6 from $8.
- Imperial says that while it believes SGY will have a much improved liquidity profile and the ability to operate close to cash flow through 2017, concerns over the maturing unsecured 1.75% 2017 notes are placing too much pressure on the stock; the firm maintains its Outperform rating on the stock.
- FBR recommends building positions in E&P equities with staying power, margin stability and strong management, naming Carrizo Oil & Gas (CRZO -12.6%), Callon Petroleum (CPE -6.2%) and Sanchez Energy (SN -7.9%) its favorite ideas in the sector.
Dec. 22, 2015, 2:38 PM
- "Quality" oil stocks will perform well during H1 2016 but it will be time to buy “beta” names in H2 as global oil market conditions fundamentally improve over the course of the year, RBC analysts say, adding that a sustainable oil price recovery appears more on the cards in 2017.
- RBC thinks stocks with lower leverage, good asset quality and cheap valuation are likely to perform best and earlier, citing 12 names: Apache (APA +1.1%), Devon Energy (DVN +3.4%), Continental Resources (CLR +8.3%), ConocoPhillips (COP +2.9%), Carrizo Oil & Gas (CRZO +1.9%), EP Energy (EPE +14.6%), Gulfport Energy (GPOR -0.9%), Newfield Exploration (NFX +0.5%), Oasis Petroleum (OAS +6.3%), Rice Energy (RICE -0.6%), SM Energy (SM -0.1%) and Whiting Petroleum (WLL +6.9%).
Dec. 16, 2015, 2:54 PM
- Carrizo Oil & Gas (CRZO -3.7%) is working with Royal Bank of Canada to seek buyers for its assets in Colorado’s Niobrara shale formation which could fetch as much as $200M, Bloomberg reports.
- CRZO has 35.1K net acres in the Niobrara with proved reserves of 5.9M boe, the company's second largest position behind its 84K net acres in Texas' Eagle Ford shale basin.
- CRZO has cut spending in the Niobrara this year while allocating ~70% of its estimated $540M 2015 capital budget to the Eagle Ford.
Oct. 19, 2015, 3:25 PM
- Carrizo Oil & Gas (CRZO -4.2%), Comstock Resources (CRK -4.6%), Synergy Resources (SYRG -1.6%), Callon Petroleum (CPE -6.5%), Gastar Exploration (GST -5.9%) and Goodrich Petroleum (GDP +0.1%) are mostly lower despite getting praise from a Barron's weekend article as "six small oil explorers that should do well."
- Imperial Capital considers CRZO, CRK, SYRG and CPE as its favorite low-risk, small-cap E&P companies based on liquidity risk, quality of properties and quality of operatorship; in addition, Abraxas Petroleum (AXAS -7.5%), Jones Energy (JONE -4%) and PetroQuest (PQ -6.1%) are well positioned purely from a liquidity standpoint.
- Imperial says GDP, in the firm's high-risk group, shows the most improvement at maintenance capex because Haynesville Shale wells are expected to come online at such high rates; it places GST high in its medium-risk group.
May 11, 2015, 11:27 AM
- Some analysts say Noble Energy’s (NBL -7.5%) acquisition of Rosetta Resources (ROSE +25.5%) is the deal that will finally open the floodgates of M&A activity in the oil patch.
- The premium for ROSE is below average for the sector over the past five years, suggesting there are more mergers to come, says Oppenheimer's Fadel Gheit, and the sale shows that M&A was “arguably” a cheaper option for growth than organic investment, according to Morgan Stanley's Martijn Rats.
- SunTrust's Neal Dingmann sees Matador Resources (MTDR -0.9%), Callon Petroleum (CPE -0.5%) and Carrizon Oil & Gas (CRZO -1.8%) as the most likely targets for acquisitive eyes.
Mar. 16, 2015, 4:42 PM
- Carrizo Oil & Gas (NASDAQ:CRZO) -3.1% AH after announcing a public offering of 4.5M common shares, with an underwriters option to purchase up to an additional 675K shares.
- CRZO plans to use the proceeds to repay borrowings under its revolving credit facility and for general corporate purposes.
Feb. 2, 2015, 11:49 AM
- Sterne Agee's Tim Rezvan analyzed the hedge portfolios of E&P companies who are very much "in the money" and formally aggregated estimated values of hedge portfolios for companies he covers, and his results show the values vary widely across the group.
- Among the oil-focused producers, Denbury Resources (DNR +8.1%) is far and above all others with a hedge portfolio worth $811M, 33% of current market cap; other standouts include Gastar Exploration (GST +5.5%), Oasis Petroleum (OAS +6.2%), Carrizo Oil & Gas (CRZO +5.4%) and Approach Resources (AREX +9.1%).
- Rezvan says he expects rhetoric to continue from operators over the next three months on monetizing all or some hedges to raise cash. saying "the question will be if operators go naked on the hedge side in an outright bet on an oil price rebound, or if they simultaneously layer in costless collars around strip pricing."
Oct. 27, 2014, 11:14 AM
- Carrizo Oil & Gas (CRZO -4.6%) says Q3 production volumes averaged 33,587 boe/day, up 12% Y/Y and up 1% Q/Q, which the company says was driven by strong results in each of its operating regions and more than offset the sale of Barnett Shale properties during Q4 2013.
- Q3 oil production averaged ~20K bbl/day, up 64% Y/Y and 8% Q/Q, while natural gas and NGL production averaged 81.5K cfe/day.
- CRZO says it completed the acquisition of Eagle Ford Shale assets from Eagle Ford Minerals for $250M, and will fund the deal through an offering of $250M of senior notes due 2020.
Aug. 4, 2014, 2:31 PM
- Noble Energy (NBL +5.8%) and Anadarko Petroleum (APC +5.3%) spike higher on news of an agreement to remove anti-fracking initiates from the ballot in Colorado.
- Gov. Hickenlooper and U.S. Rep. Polis are forming a task force to craft regulations to minimize conflicts over the siting of oil and gas facilities in Colorado; under the proposal, two initiatives aimed at tightening controls would be withdrawn and two initiatives considered pro-industry also would be pulled.
- Wells Fargo views the deal as a positive for companies with exposure to the Denver-Julesburg Basin, including NBL, APC, Bill Barrett (BBG +4.8%), PDC Energy (PDCE +10.1%), Whiting Petroleum (WLL +4.5%) and Carrizo Oil & Gas (CRZO +4.3%).
Jun. 18, 2014, 11:59 AM
- Carizzo Oil & Gas (CRZO +3.3%) moves higher after reporting strong test results for its initial Niobrara A bench wells, which tested at an average peak 24-hour rate of 1,127 boe/day, including one well which tested at 1,633 boe/day.
- CRZO recently began production from its first multiple geological bench downspacing pilot in the Niobrara formation, with the pilot consisting of eight wells.
- The spudder rig has arrived on the location of CRZO's second Utica Shale well, and drilling is expected to begin shortly.
Jun. 3, 2014, 5:40 PM
Jan. 28, 2014, 8:58 AM
- Carrizo Oil & Gas (CRZO) +1.8% premarket after raising its 2014 crude oil production growth target to 50% from 40%-plus (17K-17.8K bbl/day) and reporting preliminary Q4 crude oil production of 13,029 bbl/day, above the high end of guidance.
- Increases its planned Eagle Ford Shale completions in 2014 to 49 net wells due to the high returns generated from the play plus drilling and completion efficiencies.
- Increasing its FY 2014 drilling and completion capital expenditure plan by $50M to $650M-$670M.
Dec. 27, 2013, 2:22 PM
Nov. 4, 2013, 6:11 PM
- Carrizo Oil & Gas (CRZO) -5.2% AH after announcing a public offering of 3.75M shares of common stock.
- CRZO plans to use the proceeds to fund its increased capital expenditure plan that takes into account its recently completed Utica Shale acreage acquisition, the second half of the 2013 development of its expanded position in the Utica Shale, the accelerated fracking of a portion of its existing inventory of Eagle Ford wells and for other general corporate purposes.
- Also: Q3 earnings.
Oct. 4, 2013, 10:49 AM
- Carrizo Oil & Gas (CRZO +1.6%) is initiated with a Buy rating and $50 price target at Sterne Agee, even after the stock's 96% YTD rally.
- The firm says Eagle Ford downspacing testing and drilling results from the Utica Shale should validate the quality and depth of CRZO's inventory in these plays, and potential bolt-on acquisitions with proceeds from a non-core asset sale should provide further running room to complement core positions in the Eagle Ford Shale and Niobrara.
Jun. 17, 2013, 8:26 AM
Carrizo Oil & Gas (CRZO) +2.3% premarket after raising its Q2 oil production guidance to 10,800-11,200 bbl/day from 9,600-10,000 bbl/day and its full-year 2013 crude oil production growth target to 40% from 28%, based on strong Eagle Ford shale results. Full-year capex plan is raised to $530M-$540M from $500M.| Jun. 17, 2013, 8:26 AM