Page 1 of 1
crzo really got hit
Posted: Mon Nov 18, 2013 4:17 pm
by setliff
down almost 10% --what IS going on?
most e&p's were hit many 5-6%. correction time or something more serious?
any comments?
Re: crzo really got hit
Posted: Mon Nov 18, 2013 9:55 pm
by dan_s
My valuation is $56/share. First Call's Price Target is $46.71 (up since they released Q3 results).
Since they have more than 60% of their oil hedged at over $90/bbl, there would have to be a sharp drop in crude oil prices to justify this. Looks like a buying opportunity to me.
BTW my valuation does include the recent secondary of 4,312,500 shares that sold at $44. Firms that bought the secondary did a lot of due diligence, so this definitely looks like a nice buying opportunity to me.
Take a hard look at the bottom of my forecast model. Ngas production will be way down in Q4 but crude oil production will be up. Crude oil production should be up more than 40% in 2014.