Crescent Energy (NYSE:CRGY) Coverage Initiated at Pickering Energy Partners

Pickering Energy Partners began coverage on shares of Crescent Energy (NYSE:CRGY) in a research note issued to investors on Monday morning, Marketbeat Ratings reports. The brokerage issued an outperform rating on the stock.

Several other brokerages have also recently weighed in on CRGY. Mizuho reduced their price target on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Truist Financial reduced their target price on Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Wolfe Research assumed coverage on Crescent Energy in a research report on Thursday, July 18th. They set an “outperform” rating and a $16.00 target price for the company. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price for the company. Finally, Stephens restated an “overweight” rating and set a $20.00 target price on shares of Crescent Energy in a research report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Crescent Energy has a consensus rating of “Buy” and an average price target of $15.70.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $12.43 on Monday. The stock has a market cap of $2.21 billion, a PE ratio of 621.50 and a beta of 2.19. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $13.85. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87. The stock has a fifty day moving average of $11.79 and a 200-day moving average of $11.75.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.05. The company had revenue of $653.28 million during the quarter, compared to analysts’ expectations of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. Equities research analysts anticipate that Crescent Energy will post 1.27 earnings per share for the current year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy’s dividend payout ratio (DPR) is currently 2,400.00%.

Insiders Place Their Bets

In other news, Director Michael Duginski purchased 9,344 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $10.62 per share, with a total value of $99,233.28. Following the completion of the purchase, the director now directly owns 201,081 shares in the company, valued at approximately $2,135,480.22. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders bought a total of 12,294 shares of company stock valued at $131,297 over the last 90 days. Insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Crescent Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jackson Creek Investment Advisors LLC lifted its stake in shares of Crescent Energy by 1.0% in the 2nd quarter. Jackson Creek Investment Advisors LLC now owns 90,933 shares of the company’s stock valued at $1,078,000 after acquiring an additional 883 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Crescent Energy by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock valued at $165,000 after acquiring an additional 1,085 shares during the last quarter. Quadrature Capital Ltd lifted its stake in shares of Crescent Energy by 5.1% in the 1st quarter. Quadrature Capital Ltd now owns 30,744 shares of the company’s stock valued at $366,000 after acquiring an additional 1,503 shares during the last quarter. CWM LLC lifted its stake in shares of Crescent Energy by 618.9% in the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after acquiring an additional 1,832 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in shares of Crescent Energy by 86.4% in the 3rd quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after acquiring an additional 2,272 shares during the last quarter. Institutional investors own 52.11% of the company’s stock.

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.