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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 0.07
CRZO's Equity-to-Asset is ranked lower than
87% of the 413 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.53 vs. CRZO: 0.07 )
Ranked among companies with meaningful Equity-to-Asset only.
CRZO' s Equity-to-Asset Range Over the Past 10 Years
Min: -0.15  Med: 0.42 Max: 0.87
Current: 0.07
-0.15
0.87
Debt-to-Equity 11.55
CRZO's Debt-to-Equity is ranked lower than
99% of the 284 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.51 vs. CRZO: 11.55 )
Ranked among companies with meaningful Debt-to-Equity only.
CRZO' s Debt-to-Equity Range Over the Past 10 Years
Min: -11.76  Med: 0.94 Max: 56.5
Current: 11.55
-11.76
56.5
Interest Coverage 1.83
CRZO's Interest Coverage is ranked lower than
89% of the 234 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 22.27 vs. CRZO: 1.83 )
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: 1.83
0.42
3.83
Piotroski F-Score: 5
Altman Z-Score: -0.41
Beneish M-Score: -0.03
WACC vs ROIC
9.87%
10.42%
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 % 24.51
CRZO's Operating Margin % is ranked higher than
80% of the 424 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -21.78 vs. CRZO: 24.51 )
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: 24.51
-297.15
31.75
Net Margin % -0.98
CRZO's Net Margin % is ranked lower than
64% of the 422 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -26.96 vs. CRZO: -0.98 )
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: -0.98
-269.14
31.87
ROA % -0.34
CRZO's ROA % is ranked lower than
73% of the 498 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -6.75 vs. CRZO: -0.34 )
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: -0.34
-46.31
8.89
ROC (Joel Greenblatt) % 2.93
CRZO's ROC (Joel Greenblatt) % is ranked lower than
63% of the 470 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -7.27 vs. CRZO: 2.93 )
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: 2.93
-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 364 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -21.40 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
» CRZO's 30-Y Financials

Financials (Next Earnings Date: 2017-11-03 Est.)


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

» Details

Guru Trades

Q3 2016

CRZO Guru Trades in Q3 2016

Third Avenue Management 92,435 sh (+97.09%)
Columbia Wanger 1,105,813 sh (+4.07%)
Michael Price 106,000 sh (unchged)
Jim Simons Sold Out
Diamond Hill Capital 148,501 sh (-0.53%)
Mariko Gordon 1,191,440 sh (-3.42%)
» More
Q4 2016

CRZO Guru Trades in Q4 2016

Caxton Associates 22,693 sh (New)
Steven Cohen 155,800 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

NWQ Managers 2,620,911 sh (New)
Ron Baron 17,300 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

Jim Simons 226,552 sh (New)
Paul Tudor Jones 150,362 sh (New)
Leon Cooperman 150,000 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)
Mariko Gordon Sold Out
Ron Baron Sold Out
Third Avenue Management 162,153 sh (-0.73%)
» 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 2017-06-30 Add 24.45%0.16%$15.61 - $29.24 $ 16.34-30%3,261,724
Third Avenue Management 2017-06-30 Reduce -0.73%$15.61 - $29.24 $ 16.34-30%162,153
Leon Cooperman 2017-06-30 New Buy0.11%$15.61 - $29.24 $ 16.34-30%150,000
Mariko Gordon 2017-06-30 Sold Out 1.88%$15.61 - $29.24 $ 16.34-30%0
Ron Baron 2017-06-30 Sold Out $15.61 - $29.24 $ 16.34-30%0
NWQ Managers 2017-03-31 New Buy0.99%$26.8 - $38.8 $ 16.34-50%2,620,911
Mariko Gordon 2017-03-31 Reduce -5.26%0.13%$26.8 - $38.8 $ 16.34-50%1,124,555
Third Avenue Management 2017-03-31 Add 58.98%0.08%$26.8 - $38.8 $ 16.34-50%163,353
Ron Baron 2017-03-31 New Buy$26.8 - $38.8 $ 16.34-50%17,300
Mariko Gordon 2016-12-31 Reduce -0.37%0.01%$33.23 - $42.86 $ 16.34-58%1,187,024
Third Avenue Management 2016-12-31 Add 11.16%0.02%$33.23 - $42.86 $ 16.34-58%102,753
Mariko Gordon 2016-09-30 Reduce -3.42%0.1%$29.89 - $40.62 $ 16.34-54%1,191,440
Third Avenue Management 2016-09-30 Add 97.09%0.08%$29.89 - $40.62 $ 16.34-54%92,435
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:NYSE:WRD, NAS:NEXT, NYSE:HK, AMEX:PARR, NYSE:EPE, NYSE:DKL, NYSE:SD, AMEX:REI, NYSE:REN, NAS:UPL, NYSE:ESTE, NYSE:ECR, NYSE:BCEI, AMEX:ERN, NAS:PVAC, NYSE:SGY, OTCPK:AMPY, NYSE:WLL, NYSE:SM, NYSE:DNR » 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 is a Houston-based independent energy company. The Company together with its subsidiaries is engaged in the exploration, development, and production of oil and gas in the United States and the United Kingdom. It explores in the Eagle Ford Shale in South Texas, the Niobrara Formation in Colorado, the Barnett Shale in North Texas, the Marcellus Shale in Pennsylvania, New York, and West Virginia, the Utica Shale in Ohio and Pennsylvania. It generates exploration prospects through geological and geophysical analysis of 3-D seismic and other data. It continues its primary exploration effort and capital program on resource plays, where individual wells tend to have lower risk and moderate potentials, such as its development drilling in the Eagle Ford and Marcellus Shales. The Company's customers are Enterprise Products Operating, LLC, Shell Trading (U.S) Company, Enterprise Trading, Inc., DTE Energy Trading, Inc. The Company's competitors include integrated oil and gas companies and numerous independent oil and gas companies, individuals and drilling and income programs. Its operations are subject to various federal, state, local and foreign laws and government regulations.

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
Forward PE Ratio 10.46
CRZO's Forward PE Ratio is ranked higher than
73% of the 117 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 21.51 vs. CRZO: 10.46 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PB Ratio 7.70
CRZO's PB Ratio is ranked lower than
97% of the 417 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.23 vs. CRZO: 7.70 )
Ranked among companies with meaningful PB Ratio only.
CRZO' s PB Ratio Range Over the Past 10 Years
Min: 0.74  Med: 2.66 Max: 114.97
Current: 7.7
0.74
114.97
PS Ratio 1.72
CRZO's PS Ratio is ranked higher than
62% of the 389 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 3.00 vs. CRZO: 1.72 )
Ranked among companies with meaningful PS Ratio only.
CRZO' s PS Ratio Range Over the Past 10 Years
Min: 1.27  Med: 4.49 Max: 13.06
Current: 1.72
1.27
13.06
Price-to-Operating-Cash-Flow 3.01
CRZO's Price-to-Operating-Cash-Flow is ranked higher than
73% of the 266 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. CRZO: 3.01 )
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: 5.81 Max: 17.76
Current: 3.01
1.67
17.76
EV-to-EBIT 61.97
CRZO's EV-to-EBIT is ranked lower than
99.99% of the 169 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 14.43 vs. CRZO: 61.97 )
Ranked among companies with meaningful EV-to-EBIT only.
CRZO' s EV-to-EBIT Range Over the Past 10 Years
Min: -29.2  Med: 18.3 Max: 6407.4
Current: 61.97
-29.2
6407.4
EV-to-EBITDA 10.65
CRZO's EV-to-EBITDA is ranked lower than
99.99% of the 263 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. CRZO: 10.65 )
Ranked among companies with meaningful EV-to-EBITDA only.
CRZO' s EV-to-EBITDA Range Over the Past 10 Years
Min: -183.1  Med: 8 Max: 107.8
Current: 10.65
-183.1
107.8
EV-to-Revenue 4.85
CRZO's EV-to-Revenue is ranked higher than
51% of the 413 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 4.88 vs. CRZO: 4.85 )
Ranked among companies with meaningful EV-to-Revenue only.
CRZO' s EV-to-Revenue Range Over the Past 10 Years
Min: 3.7  Med: 7.45 Max: 15.2
Current: 4.85
3.7
15.2
Current Ratio 0.37
CRZO's Current Ratio is ranked lower than
83% of the 484 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.28 vs. CRZO: 0.37 )
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: 0.37
0.26
2.52
Quick Ratio 0.37
CRZO's Quick Ratio is ranked lower than
83% of the 483 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.19 vs. CRZO: 0.37 )
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: 0.37
0.26
2.52
Days Sales Outstanding 46.13
CRZO's Days Sales Outstanding is ranked higher than
55% of the 376 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 51.71 vs. CRZO: 46.13 )
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: 46.13
36.15
111.85
Days Payable 166.84
CRZO's Days Payable is ranked higher than
63% of the 249 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 89.31 vs. CRZO: 166.84 )
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: 166.84
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
55% of the 364 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -10.80 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 7.86
CRZO's Price-to-Tangible-Book is ranked lower than
95% of the 390 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.28 vs. CRZO: 7.86 )
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: 7.86
0.69
103.75
Price-to-Median-PS-Value 0.39
CRZO's Price-to-Median-PS-Value is ranked higher than
75% of the 360 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.88 vs. CRZO: 0.39 )
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: 0.31  Med: 0.9 Max: 2.62
Current: 0.39
0.31
2.62
Price-to-Peter-Lynch-Fair-Value 0.44
CRZO's Price-to-Peter-Lynch-Fair-Value is ranked lower than
99.99% of the 15 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.64 vs. CRZO: 0.44 )
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: 0.44
0
183.13
Earnings Yield (Greenblatt) % 1.61
CRZO's Earnings Yield (Greenblatt) % is ranked lower than
65% of the 501 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -3.80 vs. CRZO: 1.61 )
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: 1.61
-53.9
10.7
Forward Rate of Return (Yacktman) % -15.87
CRZO's Forward Rate of Return (Yacktman) % is ranked higher than
63% of the 176 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -16.04 vs. CRZO: -15.87 )
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: -20.8 Max: 57.3
Current: -15.87
-76.4
57.3

More Statistics

Revenue (TTM) (Mil) $572.85
EPS (TTM) $ -0.04
Beta2.07
Short Percentage of Float26.12%
52-Week Range $11.10 - 43.96
Shares Outstanding (Mil)81.44

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 707 871 1,335
EPS ($) 1.19 1.41 3.80
EPS without NRI ($) 1.19 1.41 3.80
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($)

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