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Also traded in: Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 3/10

vs
industry
vs
history
Equity-to-Asset 0.14
CRZO's Equity-to-Asset is ranked lower than
88% of the 426 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.55 vs. CRZO: 0.14 )
Ranked among companies with meaningful Equity-to-Asset only.
CRZO' s Equity-to-Asset Range Over the Past 10 Years
Min: -0.15  Med: 0.41 Max: 0.87
Current: 0.14
-0.15
0.87
Debt-to-Equity 4.38
CRZO's Debt-to-Equity is ranked lower than
98% of the 302 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.47 vs. CRZO: 4.38 )
Ranked among companies with meaningful Debt-to-Equity only.
CRZO' s Debt-to-Equity Range Over the Past 10 Years
Min: -11.76  Med: 0.95 Max: 56.5
Current: 4.38
-11.76
56.5
Debt-to-EBITDA 4.35
CRZO's Debt-to-EBITDA is ranked lower than
77% of the 247 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 2.91 vs. CRZO: 4.35 )
Ranked among companies with meaningful Debt-to-EBITDA only.
CRZO' s Debt-to-EBITDA Range Over the Past 10 Years
Min: -3.42  Med: 3.05 Max: 209.77
Current: 4.35
-3.42
209.77
Interest Coverage 2.27
CRZO's Interest Coverage is ranked lower than
83% of the 286 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 12.44 vs. CRZO: 2.27 )
Ranked among companies with meaningful Interest Coverage only.
CRZO' s Interest Coverage Range Over the Past 10 Years
Min: 0.42  Med: 2.05 Max: 3.83
Current: 2.27
0.42
3.83
Piotroski F-Score: 6
Altman Z-Score: 0.08
Beneish M-Score: -2.17
WACC vs ROIC
12.47%
11.80%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating Margin % 28.03
CRZO's Operating Margin % is ranked higher than
79% of the 435 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -5.89 vs. CRZO: 28.03 )
Ranked among companies with meaningful Operating Margin % only.
CRZO' s Operating Margin % Range Over the Past 10 Years
Min: -297.15  Med: 18.11 Max: 31.75
Current: 28.03
-297.15
31.75
Net Margin % 16.08
CRZO's Net Margin % is ranked higher than
58% of the 433 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -9.28 vs. CRZO: 16.08 )
Ranked among companies with meaningful Net Margin % only.
CRZO' s Net Margin % Range Over the Past 10 Years
Min: -269.14  Med: 7.8 Max: 31.87
Current: 16.08
-269.14
31.87
ROE % 123.76
CRZO's ROE % is ranked lower than
99.99% of the 436 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -5.33 vs. CRZO: 123.76 )
Ranked among companies with meaningful ROE % only.
CRZO' s ROE % Range Over the Past 10 Years
Min: -288.97  Med: 4.38 Max: 123.76
Current: 123.76
-288.97
123.76
ROA % 5.46
CRZO's ROA % is ranked higher than
63% of the 512 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -4.14 vs. CRZO: 5.46 )
Ranked among companies with meaningful ROA % only.
CRZO' s ROA % Range Over the Past 10 Years
Min: -46.31  Med: 1.59 Max: 8.89
Current: 5.46
-46.31
8.89
ROC (Joel Greenblatt) % 8.79
CRZO's ROC (Joel Greenblatt) % is ranked higher than
67% of the 481 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -4.10 vs. CRZO: 8.79 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
CRZO' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -56.8  Med: 5.11 Max: 9.21
Current: 8.79
-56.8
9.21
3-Year Revenue Growth Rate -16.20
CRZO's 3-Year Revenue Growth Rate is ranked higher than
64% of the 378 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -21.80 vs. CRZO: -16.20 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
CRZO' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -16.2  Med: 17.45 Max: 46.2
Current: -16.2
-16.2
46.2
GuruFocus has detected 6 Warning Signs with Carrizo Oil & Gas Inc CRZO.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» CRZO's 30-Y Financials

Financials (Next Earnings Date: 2018-02-23)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q4 2016

CRZO Guru Trades in Q4 2016

Steven Cohen 155,800 sh (New)
Caxton Associates 22,693 sh (New)
Third Avenue Management 102,753 sh (+11.16%)
Michael Price 106,000 sh (unchged)
Diamond Hill Capital 148,388 sh (-0.08%)
Mariko Gordon 1,187,024 sh (-0.37%)
Columbia Wanger 860,440 sh (-22.19%)
» More
Q1 2017

CRZO Guru Trades in Q1 2017

Ron Baron 17,300 sh (New)
NWQ Managers 2,620,911 sh (New)
Steven Cohen 460,700 sh (+195.70%)
Third Avenue Management 163,353 sh (+58.98%)
Columbia Wanger 1,052,797 sh (+22.36%)
Steven Cohen 200,000 sh (unchged)
Michael Price 106,000 sh (unchged)
Caxton Associates Sold Out
Diamond Hill Capital 148,348 sh (-0.03%)
Mariko Gordon 1,124,555 sh (-5.26%)
» More
Q2 2017

CRZO Guru Trades in Q2 2017

Leon Cooperman 150,000 sh (New)
Jim Simons 226,552 sh (New)
Paul Tudor Jones 150,362 sh (New)
Steven Cohen 1,707,000 sh (+270.52%)
NWQ Managers 3,261,724 sh (+24.45%)
Columbia Wanger 1,079,582 sh (+2.54%)
Michael Price 106,000 sh (unchged)
Diamond Hill Capital 148,348 sh (unchged)
Ron Baron Sold Out
Mariko Gordon Sold Out
Third Avenue Management 162,153 sh (-0.73%)
» More
Q3 2017

CRZO Guru Trades in Q3 2017

NWQ Managers 7,261,441 sh (+122.63%)
Third Avenue Management 297,453 sh (+83.44%)
Michael Price 106,000 sh (unchged)
Leon Cooperman Sold Out
Steven Cohen Sold Out
Paul Tudor Jones Sold Out
Columbia Wanger Sold Out
Jim Simons Sold Out
Diamond Hill Capital 146,360 sh (-1.34%)
» More
» Details

Insider Trades

Latest Guru Trades with CRZO

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
NWQ Managers 2017-09-30 Add 122.63%0.99%$11.38 - $18.4 $ 22.6255%7,261,441
Third Avenue Management 2017-09-30 Add 83.44%0.1%$11.38 - $18.4 $ 22.6255%297,453
Leon Cooperman 2017-09-30 Sold Out 0.11%$11.38 - $18.4 $ 22.6255%0
NWQ Managers 2017-06-30 Add 24.45%0.16%$15.61 - $29.24 $ 22.62-3%3,261,724
Third Avenue Management 2017-06-30 Reduce -0.73%$15.61 - $29.24 $ 22.62-3%162,153
Leon Cooperman 2017-06-30 New Buy0.11%$15.61 - $29.24 $ 22.62-3%150,000
Mariko Gordon 2017-06-30 Sold Out 1.88%$15.61 - $29.24 $ 22.62-3%0
Ron Baron 2017-06-30 Sold Out $15.61 - $29.24 $ 22.62-3%0
NWQ Managers 2017-03-31 New Buy0.99%$26.8 - $38.8 $ 22.62-31%2,620,911
Mariko Gordon 2017-03-31 Reduce -5.26%0.13%$26.8 - $38.8 $ 22.62-31%1,124,555
Third Avenue Management 2017-03-31 Add 58.98%0.08%$26.8 - $38.8 $ 22.62-31%163,353
Ron Baron 2017-03-31 New Buy$26.8 - $38.8 $ 22.62-31%17,300
Premium More recent guru trades are included for Premium Members only!!
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Business Description

Industry: Oil & Gas - E&P » Oil & Gas E&P    NAICS: 211111    SIC: 1311
Compare:NAS:UPL, LSE:CNE, NYSE:WRD, TSX:FEC, HKSE:00467, TSX:PEY, ADX:DANA, SHSE:600759, TSX:RRX, TSX:POU, LSE:PGR, KAR:POL, TSX:FRU, ASX:BPT, NAS:TELL, TSX:PXT, OSL:DNO, NYSE:OAS, TSX:MEG, TSX:ERF » details
Traded in other countries:CO1.Germany,
Headquarter Location:USA
Carrizo Oil & Gas Inc along with its subsidiaries is engaged in the exploration, development and production oil and gas from resource plays located in the United States.

Carrizo Oil & Gas Inc along with its subsidiaries is engaged in the exploration, development and production oil and gas from resource plays located in the United States.

Guru Investment Theses on Carrizo Oil & Gas Inc

Third Avenue Comments on Carrizo Oil & Gas - May 27, 2016

Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) Since our initial purchase in February, Carrizo Oil & Gas has been a strong performer. With a solid balance sheet and a significant drilling inventory,we see Carrizo as a multi-year compounder into recovering oil prices, however long that takes.

Based in Houston, TX, Carrizo is an exploration and production company focused on oil and gas plays in the U.S. Its most important acreage is in the high quality core areas of the Eagle Ford shale in South Texas, the Delaware basin in the Permian in West Texas, and the Utica shale in Ohio. Carrizo's share price, like those of all oil and gas production companies, came under extreme price pressure in February, as the market sold off and investors feared sustained oil prices in the low-$20 per barrel range.

Carrizo is unique from our perspective as a small cap company thanks to its high quality acreage (what we call good rocks) and a strong balance sheet. It fits our criteria for creditworthiness, with a disciplined hedging program to forward sell 50% of production, and a recently re-determined borrowing base on its $600 million revolving loan versus $50 million drawn.

As for its acreage, Carrizo rocks aren't just good, their 88,000 acres in the Eagle Ford play in South Texas are great, with about 75% oil cuts and a PV103 break-even of $32.50 per barrel. Further, Carrizo has the ability to respond quickly to higher prices, with drilled but uncompleted inventory of 53 net Eagle Ford wells, which represents upwards of almost 12,000 barrels of oil equivalent production per day (B0Epd), or almost half of their current production run rate. With stronger prices, Carrizo has the balance sheet and the acreage to opportunistically increase production in 30 days through fracking and completing these wells. Moreover, it has a long horizon of drilling visibility with 53 planned Eagle Ford wells in 2016, vs. a base well inventory of 915 drilling locations and potentially an inventory of 2,100 locations with tighter spacing. Indeed, as good oil plays get better,

Carrizo has the sweet spot acreage in one of the best.



From Chip Rewey's second quarter 2016 Third Avenue Small-Cap Value Fund letter.



Check out Martin Whitman,Third Avenue Management latest stock trades

Ratios

vs
industry
vs
history
PE Ratio 12.90
CRZO's PE Ratio is ranked lower than
99.99% of the 199 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 13.00 vs. CRZO: 12.90 )
Ranked among companies with meaningful PE Ratio only.
CRZO' s PE Ratio Range Over the Past 10 Years
Min: 6.5  Med: 24.51 Max: 973
Current: 12.9
6.5
973
Forward PE Ratio 9.55
CRZO's Forward PE Ratio is ranked higher than
76% of the 128 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 19.42 vs. CRZO: 9.55 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 12.90
CRZO's PE Ratio without NRI is ranked lower than
99.99% of the 203 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 13.00 vs. CRZO: 12.90 )
Ranked among companies with meaningful PE Ratio without NRI only.
CRZO' s PE Ratio without NRI Range Over the Past 10 Years
Min: 6.5  Med: 28.15 Max: 364.88
Current: 12.9
6.5
364.88
PB Ratio 10.55
CRZO's PB Ratio is ranked lower than
92% of the 443 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.22 vs. CRZO: 10.55 )
Ranked among companies with meaningful PB Ratio only.
CRZO' s PB Ratio Range Over the Past 10 Years
Min: 0.74  Med: 2.64 Max: 114.97
Current: 10.55
0.74
114.97
PS Ratio 2.45
CRZO's PS Ratio is ranked higher than
64% of the 398 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 3.16 vs. CRZO: 2.45 )
Ranked among companies with meaningful PS Ratio only.
CRZO' s PS Ratio Range Over the Past 10 Years
Min: 1.22  Med: 4.22 Max: 13.06
Current: 2.45
1.22
13.06
Price-to-Operating-Cash-Flow 4.34
CRZO's Price-to-Operating-Cash-Flow is ranked higher than
77% of the 278 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. CRZO: 4.34 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
CRZO' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 1.67  Med: 5.59 Max: 17.76
Current: 4.34
1.67
17.76
EV-to-EBIT 23.91
CRZO's EV-to-EBIT is ranked lower than
86% of the 221 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 14.28 vs. CRZO: 23.91 )
Ranked among companies with meaningful EV-to-EBIT only.
CRZO' s EV-to-EBIT Range Over the Past 10 Years
Min: -29.2  Med: 18.6 Max: 6407.4
Current: 23.91
-29.2
6407.4
EV-to-EBITDA 9.58
CRZO's EV-to-EBITDA is ranked lower than
63% of the 291 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 8.48 vs. CRZO: 9.58 )
Ranked among companies with meaningful EV-to-EBITDA only.
CRZO' s EV-to-EBITDA Range Over the Past 10 Years
Min: -183.1  Med: 7.85 Max: 107.8
Current: 9.58
-183.1
107.8
EV-to-Revenue 5.85
CRZO's EV-to-Revenue is ranked lower than
55% of the 420 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 4.52 vs. CRZO: 5.85 )
Ranked among companies with meaningful EV-to-Revenue only.
CRZO' s EV-to-Revenue Range Over the Past 10 Years
Min: 3.7  Med: 6.95 Max: 15.2
Current: 5.85
3.7
15.2
Current Ratio 0.32
CRZO's Current Ratio is ranked lower than
85% of the 497 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.35 vs. CRZO: 0.32 )
Ranked among companies with meaningful Current Ratio only.
CRZO' s Current Ratio Range Over the Past 10 Years
Min: 0.26  Med: 0.66 Max: 2.52
Current: 0.32
0.26
2.52
Quick Ratio 0.32
CRZO's Quick Ratio is ranked lower than
85% of the 497 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.26 vs. CRZO: 0.32 )
Ranked among companies with meaningful Quick Ratio only.
CRZO' s Quick Ratio Range Over the Past 10 Years
Min: 0.26  Med: 0.66 Max: 2.52
Current: 0.32
0.26
2.52
Days Sales Outstanding 50.98
CRZO's Days Sales Outstanding is ranked lower than
51% of the 380 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 45.74 vs. CRZO: 50.98 )
Ranked among companies with meaningful Days Sales Outstanding only.
CRZO' s Days Sales Outstanding Range Over the Past 10 Years
Min: 36.15  Med: 72.46 Max: 111.85
Current: 50.98
36.15
111.85
Days Payable 194.99
CRZO's Days Payable is ranked higher than
70% of the 246 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 76.90 vs. CRZO: 194.99 )
Ranked among companies with meaningful Days Payable only.
CRZO' s Days Payable Range Over the Past 10 Years
Min: 164.65  Med: 287.48 Max: 735.56
Current: 194.99
164.65
735.56

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio -12.70
CRZO's 3-Year Average Share Buyback Ratio is ranked lower than
52% of the 386 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -12.10 vs. CRZO: -12.70 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
CRZO' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -24.1  Med: -9.75 Max: -0.4
Current: -12.7
-24.1
-0.4

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 10.52
CRZO's Price-to-Tangible-Book is ranked lower than
90% of the 419 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.33 vs. CRZO: 10.52 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
CRZO' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.69  Med: 2.26 Max: 103.75
Current: 10.52
0.69
103.75
Price-to-Median-PS-Value 0.57
CRZO's Price-to-Median-PS-Value is ranked higher than
79% of the 353 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.93 vs. CRZO: 0.57 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
CRZO' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.33  Med: 0.96 Max: 2.79
Current: 0.57
0.33
2.79
Price-to-Peter-Lynch-Fair-Value 0.64
CRZO's Price-to-Peter-Lynch-Fair-Value is ranked lower than
99.99% of the 12 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.37 vs. CRZO: 0.64 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
CRZO' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0  Med: 2.67 Max: 183.13
Current: 0.64
0
183.13
Price-to-Graham-Number 2.46
CRZO's Price-to-Graham-Number is ranked lower than
99.99% of the 156 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.98 vs. CRZO: 2.46 )
Ranked among companies with meaningful Price-to-Graham-Number only.
CRZO' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.49  Med: 1.47 Max: 14.5
Current: 2.46
0.49
14.5
Earnings Yield (Greenblatt) % 4.15
CRZO's Earnings Yield (Greenblatt) % is ranked higher than
63% of the 513 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -1.49 vs. CRZO: 4.15 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
CRZO' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -53.9  Med: 2.5 Max: 10.7
Current: 4.15
-53.9
10.7
Forward Rate of Return (Yacktman) % -0.80
CRZO's Forward Rate of Return (Yacktman) % is ranked higher than
61% of the 184 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -15.30 vs. CRZO: -0.80 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
CRZO' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -76.4  Med: -21.8 Max: 57.3
Current: -0.8
-76.4
57.3

More Statistics

Revenue (TTM) (Mil) $642.95
EPS (TTM) $ 1.75
Beta2.41
Short Percentage of Float29.49%
52-Week Range $11.10 - 37.47
Shares Outstanding (Mil)81.45

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 734 1,011
EPS ($) 1.39 2.39 3.21
EPS without NRI ($) 1.39 2.39 3.21
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($)

Piotroski F-Score Details

Piotroski F-Score: 66
Positive ROAY
Positive CFROAY
Higher ROA yoyY
CFROA > ROAY
Lower Leverage yoyN
Higher Current Ratio yoyN
Less Shares Outstanding yoyN
Higher Gross Margin yoyY
Higher Asset Turnover yoyY

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