Top Performer for Fri: Carrizo Oil & Gas (CRZO)

Carrizo Oil & Gas, Inc. (CRZO - Snapshot Report) is 1 of 9 companies from the oil-exploration & production industry on the Zacks #1 Rank List, but it has differentiated itself today by becoming a Zacks #1 Rank Top Performer.

Shares are up nearly 6% Friday afternoon with volume of 467,000. (CRZO's average daily volume is 590,000.)

The 8 other companies on the list are Arena Resources, Inc. (ARD - Snapshot Report), Brigham Exploration Company (BEXP - Snapshot Report), Cimarex Energy Co. (XEC - Snapshot Report), Concho Resources Inc. (CXO - Snapshot Report), EV Energy Partners, L.P. (EVEP - Snapshot Report), Legacy Reserves LP (LGCY - Snapshot Report), Plains Exploration & Production Company (PXP - Analyst Report) and Warren Resources, Inc. (WRES - Analyst Report).

CRZO is an energy company actively engaged in the exploration, development, exploitation and production of oil and natural gas, primarily in the Barnett Shale in North Texas, the Marcellus Shale in Appalachia and in proven onshore trends along the Texas and Louisiana Gulf Coast regions.

Earnings Estimates

CRZO's earnings estimates have been trending higher. The Zacks Consensus Estimate for this year is at $1.21 per share, marking an advance of 3.4% in just the past 7 trading days. Going a little further back, the target is up 18.6% in the past 2 months.

With a Zacks Consensus Estimate of $1.33 per share for next year, analysts are expecting year-over-year profit growth of nearly 10%. Furthermore, that estimate is up 18.8% in 2 months.

Second Quarter Report

For its second quarter, CRZO earned 36 cents per share, which beat the Zacks Consensus Estimate by more than 63%. Adjusted revenues from the sale of oil and natural gas production was down to $48.8 million from $56 million a year earlier. CRZO attributed this decline to lower realized oil and natural gas prices, partially offset by increased production.

Meanwhile, new production contributions from the Barnett Shale helped production volumes rise 29% to 7.89 Bcfe.

"Our plans for the rest of the year remain unchanged as we continue to maintain tight controls on our spending levels in light of the current low price of natural gas," said President/CEO S.P. "Chip" Johnson IV.