Carrizo Oil & Gas (NASDAQ:CRZO) looks like it is priced where it should be, according to Wells Fargo (NYSE:WFC), who says they face ongoing challenges in the Barnett.
Wells said, "It may be short term, but currently clouding our view of the company’s ability to execute are infrastructure and takeaway challenges in the Barnett, but more importantly in the Eagle Ford. At the current share price, we believe the market has priced in a fair value for the Eagle Ford and Niobrara upside and that a better risk/reward can likely be found in other names."
Wells downgraded Carrizo Oil & Gas from "Outperform" to "Market Perform." Carrizo closed Friday at $33.16, losing $1.04, or 3.04 percent.
Carrizo is trading close to its 52-week high of $34.98.
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