Crescent Energy (NYSE:CRGY) Receives Average Recommendation of “Buy” from Brokerages

Shares of Crescent Energy (NYSE:CRGY) have earned a consensus rating of “Buy” from the eleven research firms that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $16.80.

CRGY has been the subject of several research reports. Wells Fargo & Company reduced their price target on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Stephens increased their price target on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Truist Financial boosted their price objective on shares of Crescent Energy from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Pickering Energy Partners assumed coverage on Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating on the stock. Finally, Mizuho upped their price target on Crescent Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th.

Institutional Trading of Crescent Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. increased its holdings in shares of Crescent Energy by 444.8% in the second quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after purchasing an additional 6,348,598 shares during the last quarter. State Street Corp grew its holdings 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 buying an additional 2,986,468 shares in the last quarter. Marshall Wace LLP increased its stake in Crescent Energy by 286.7% in the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock worth $33,537,000 after acquiring an additional 2,098,303 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Crescent Energy during the 3rd quarter worth approximately $21,872,000. Finally, Riposte Capital LLC bought a new position in shares of Crescent Energy during the 3rd quarter valued at approximately $18,232,000. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Stock Down 0.5 %

Shares of Crescent Energy stock opened at $13.77 on Tuesday. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $15.54. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company’s 50 day moving average is $13.79 and its 200 day moving average is $12.43. The company has a market cap of $3.14 billion, a price-to-earnings ratio of 22.21 and a beta of 2.17.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. The firm had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. During the same period last year, the business posted $0.35 EPS. Research analysts anticipate that Crescent Energy will post 0.98 EPS for the current year.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date was Monday, November 18th. Crescent Energy’s dividend payout ratio (DPR) is currently 77.42%.

About Crescent Energy

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.