Crescent Energy (NYSE:CRGY) Price Target Raised to $20.00 at Raymond James

Crescent Energy (NYSE:CRGY) had its price target increased by Raymond James from $19.00 to $20.00 in a report released on Thursday,Benzinga reports. They currently have a strong-buy rating on the stock.

CRGY has been the subject of several other reports. Evercore ISI reiterated an “outperform” rating and set a $17.00 target price on shares of Crescent Energy in a research report on Tuesday, September 24th. Mizuho lifted their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. started coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price for the company. Truist Financial lowered their price objective on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a report on Monday, September 30th. Finally, Stephens boosted their price objective on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Crescent Energy currently has a consensus rating of “Buy” and an average target price of $16.30.

Crescent Energy Price Performance

Shares of NYSE:CRGY opened at $15.18 on Thursday. The company has a 50 day moving average of $12.58 and a 200 day moving average of $12.05. The stock has a market cap of $3.47 billion, a P/E ratio of 24.48 and a beta of 2.19. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $15.53. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.11. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The business had revenue of $744.87 million during the quarter, compared to analyst estimates of $793.88 million. During the same period in the previous year, the business posted $0.35 earnings per share. As a group, sell-side analysts forecast that Crescent Energy will post 0.97 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 3.16%. Crescent Energy’s dividend payout ratio is currently 77.42%.

Institutional Investors Weigh In On Crescent Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Crescent Energy by 13.9% during the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock valued at $110,775,000 after purchasing an additional 1,137,367 shares during the period. American Century Companies Inc. increased its position in Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after purchasing an additional 6,348,598 shares during the period. State Street Corp increased its position in Crescent Energy by 78.6% during the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after purchasing an additional 2,986,468 shares during the period. The Manufacturers Life Insurance Company increased its position in Crescent Energy by 0.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,698,678 shares of the company’s stock valued at $40,501,000 after purchasing an additional 33,626 shares during the period. Finally, Geode Capital Management LLC increased its position in Crescent Energy by 53.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after purchasing an additional 1,164,306 shares during the period. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Company Profile

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.