|Bid||0.00 x 800|
|Ask||0.00 x 29200|
|Day's Range||9.48 - 10.21|
|52 Week Range||8.64 - 29.58|
|Beta (3Y Monthly)||2.15|
|PE Ratio (TTM)||1.79|
|Earnings Date||Aug 5, 2019 - Aug 9, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||16.37|
NEW YORK , July 19, 2019 /PRNewswire/ -- Juan Monteverde , founder and managing partner at Monteverde & Associates PC , a national securities firm headquartered at the Empire State Building in New York ...
In view of Callon Petroleum's (CPE) already weak financials, the company's decision to pay a premium with shares to assume Carrizo's debt load and scattered assets gets tepid response from investors.
The Zacks Analyst Blog Highlights: Callon Petroleum, Carrizo Oil & Gas, McDermott International and Occidental Petroleum
NEW YORK , July 16, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Carrizo Oil & Gas, Inc. ("CRZO" ...
WILMINGTON, DE / ACCESSWIRE / July 16, 2019 / Rigrodsky & Long, P.A.: Do you own shares of Carrizo Oil & Gas, Inc. (NASDAQ GS: CRZO )? Did you purchase any of your shares prior to July 15, 2019? Do you ...
Shale producer Callon Petroleum (CPE) agreed to buy smaller E&P player Carrizo Oil & Gas (CRZO) for $3.2 billion, while McDermott International (MDR) clinched twin contracts from Saudi Aramco.
Shares of Carizzo Oil & Gas are rising 2.6% Tuesday afternoon as investors digest the company's acquisition by Callon Petroleum for $3.2 billion, or $13.12 per share. The combined company will have "scaled development operations across a portfolio of core oil-weighted assets in both the Permian Basin and Eagle Ford Shale," the companies said in a statement. Callon shareholders will hold 54% of the combined company once the deal closes with Carrizo shareholder holding the remaining 46%.
NEW YORK, July 16, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Carrizo Oil & Gas, Inc..
Callon Petroleum (CPE) can lose its pure-play Permian status with the acquisition of Carrizo's Eagle Ford shale play properties.
The latest Permian Basin play is a ‘merger of equals’ between Callon Petroleum and Carrizo Oil & Gas, the first after Chevron Corp. lost out in the battle for Anadarko Petroleum Corp.
NEW YORK, July 15, 2019 -- Bragar Eagel & Squire, P.C. is investigating potential claims against the board of directors of Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) on.
Callon Petroleum announced Monday it would buy Carrizo Oil & Gas in an all-stock deal to expand its Permian Basin acreage.
NEW YORK, NY / ACCESSWIRE / July 15, 2019 / Halper Sadeh LLP, a global investor rights law firm, announces it is investigating the following companies: El Paso Electric Company (NYSE: EE) The investigation ...
(Bloomberg) -- Oil tumbled below $60 a barrel as a tropical storm that shut almost three-quarters of U.S. Gulf of Mexico production moved inland while China fueled concerns about demand growth.Futures closed 1.1% lower in New York, the biggest loss in almost two weeks. With Hurricane Barry now ashore and weakening, drillers have begun restaffing offshore installations in the Gulf. About 69% of crude output remained shuttered, the U.S. government said Monday, down from 73% over the weekend.Chinese government data, meanwhile, showed the world’s second-largest economy slowed to a three-decade low in the second quarter amid a prolonged trade dispute. While prices held near $60 for much of the session, they crossed below that key psychological mark around noon. That triggered automatic selling orders that then accelerated the slide, said Bob Yawger, director of futures at Mizuho Securities USA.Crude has rallied this month thanks to shrinking U.S. stockpiles and rising tensions in the Middle East. Still, there are concerns over the longer term outlook, with OPEC warning of a glut in 2020 while the International Energy Agency points to a surprise increase in oil inventories in this year’s first half.“Near term, the trend is still higher,” Tyler Richey, co-editor at Sevens Report Research in Florida, wrote in a note to clients. “But formidable technical resistance in the mid-$60s and persistent demand concerns due to the trade war will likely prevent prices from making new highs for the year.”West Texas Intermediate for August delivery fell 63 cents to $59.58 on the New York Mercantile Exchange. Brent for September settlement was 24 cents lower at $66.48 on the ICE Futures Europe Exchange and traded at a premium of $6.80 to WTI for the same month.Exxon Mobil Corp. and Chevron Corp. are among companies returning workers to offshore platforms and restarting output in the Gulf of Mexico. The region accounts for 16% of total American crude production, according to the Department of Energy.With Barry’s impact waning, the gasoline “crack" \-- an estimate of profitability for producing the motor fuel -- fell more than 5% on Monday. That further undercut the appeal of WTI, said Thomas Finlon, director of Energy Analytics Group Ltd.“In the final analysis, the storm wasn’t that bad and gasoline cracks are in a huge profit-taking mode," he said.The IEA said Friday that production cuts by OPEC and its allies failed to prevent the return of a surplus in the first half of 2019. China’s gross domestic product rose 6.2% in the second quarter from a year earlier, below the 6.4% expansion in the first quarter.\--With assistance from James Thornhill and Saket Sundria.To contact the reporters on this story: Alex Nussbaum in New York at email@example.com;Alex Longley in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Mike Jeffers, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Both companies had separately considered divesting their water infrastructure. Combined, those assets could look even better for monetization.
MILWAUKEE , July 15, 2019 /PRNewswire/ -- Ademi & O'Reilly, LLP is investigating Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) for possible breaches of fiduciary duty and other violations of the law in connection ...
NEW YORK , July 15, 2019 /PRNewswire/ -- Rowley Law PLLC is investigating potential claims against Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) and its board of directors for breach of fiduciary duty concerning ...
WILMINGTON, DE / ACCESSWIRE / July 15, 2019 / Rigrodsky & Long, P.A.: Do you own shares of Carrizo Oil & Gas, Inc. (NASDAQ GS: CRZO )? Did you purchase any of your shares prior to July 15, 2019? Do you ...
NEW YORK, July 15, 2019 -- Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) to Callon.
(Bloomberg Opinion) -- A big deal in the Permian basin should be cause for fanfare in oil and gas circles. And yet, a distinct sad-trombone note sounds as Carrizo Oil & Gas Inc. falls into the arms of Callon Petroleum Co.Callon is offering a 25% premium in an all-stock acquisition, based on Friday’s closing prices. But it’s the absolute price that tells the real story. Carrizo is selling out for $13.12 a share, getting it back to where it traded just less than three months ago – and way below the $23 level where it sold a slug of new shares last August. If Callon is engaging in some bottom-fishing, Carrizo is nonetheless grabbing eagerly at hook, line and sinker.Carrizo’s decision to sell with its stock trading close to its lowest levels in a decade is the salient fact here. It is being paid with stock and its shareholders will own 46% of the enlarged Callon, so they can participate in any gains once the deal is done. They’re better off not looking too closely at their screens on Monday, though: Callon’s stock slumped by as much as 17% Monday morning, wiping out the implied premium.Even so, there is a compelling logic to shale consolidation. A decade of breakneck expansion has left the onshore U.S. exploration and production business overcapitalized, with a long tail of inefficient smaller companies offering lackluster returns (see this). Carrizo is a prime example. Its total return over the past five years is negative 84%, which makes the sector’s negative 64% look good (the S&P 500 has returned a positive 69% in that time). Indeed, activist firm Kimmeridge Energy Management Co. tried last year to nudge the company into streamlining or selling itself to address this. Carrizo, which was trading at about $17 a share back then, disagreed.It is telling that up to $45 million of Callon’s synergies target relates to cutting general and administrative overhead. That is equivalent to more than two-thirds of Carrizo’s G&A line, reinforcing one of Kimmeridge’s lines of argument about the inefficiency inherent in such a fragmented industry.Those cash savings also speak to the other key point in Callon’s marketing push, namely an implied free cash flow number north of $200 million in 2020. Based on Callon’s current price, that implies a pro forma free cash flow yield of about 10%, which may be enough to tempt some investors back into the stock when the smoke clears – although pro forma net debt of two times Ebitda (including synergies) means some of that will have to go toward reducing leverage.Proving those synergies work and that free cash flow will actually find its way to shareholders is Callon’s main task now. The company hasn’t had a single year of positive free cash flow since 2010, according to figures compiled by Bloomberg. And its own total return has been negative 41% over the past five years – better than Carrizo but still far to the wrong side of zero.That is the problem with E&P as a whole. Carrizo will hardly be missed by investors, and wringing out some costs would be a good thing. Yet the very fact that Carrizo has chosen to take this price at this time, rather than the usual E&P playbook of banking on the next upswing, says a lot. To contact the author of this story: Liam Denning at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Gongloff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.