Brokerages Set Crescent Energy (NYSE:CRGY) Target Price at $15.70

Shares of Crescent Energy (NYSE:CRGY) have been assigned an average rating of “Buy” from the eleven research firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $15.80.

CRGY has been the topic of a number of research reports. Pickering Energy Partners initiated coverage on Crescent Energy in a report on Monday, October 28th. They issued an “outperform” rating on the stock. Mizuho increased their price target on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday. JPMorgan Chase & Co. began coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price objective for the company. Wolfe Research initiated coverage on shares of Crescent Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Finally, Stephens raised their target price on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Monday, October 28th.

Crescent Energy Trading Up 3.1 %

Crescent Energy stock opened at $13.36 on Monday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $13.85. The company’s fifty day simple moving average is $11.89 and its 200-day simple moving average is $11.79. The stock has a market cap of $2.37 billion, a P/E ratio of 21.54 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a return on equity of 14.01% and a net margin of 2.17%. The firm had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. As a group, sell-side analysts forecast that Crescent Energy will post 1.11 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $0.48 annualized dividend and a dividend yield of 3.59%. Crescent Energy’s dividend payout ratio is presently 77.42%.

Institutional Trading of Crescent Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its holdings in shares of Crescent Energy by 11.4% during the third quarter. Empowered Funds LLC now owns 925,301 shares of the company’s stock worth $10,132,000 after buying an additional 94,948 shares during the last quarter. Royce & Associates LP bought a new position in Crescent Energy during the third quarter worth $11,146,000. Victory Capital Management Inc. raised its stake in Crescent Energy by 7.0% during the 3rd quarter. Victory Capital Management Inc. now owns 708,205 shares of the company’s stock valued at $7,755,000 after purchasing an additional 46,448 shares during the last quarter. Callahan Advisors LLC bought a new stake in Crescent Energy in the 3rd quarter valued at $602,000. Finally, Amalgamated Bank boosted its holdings in 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 purchasing an additional 2,272 shares during the period. Institutional investors and hedge funds own 52.11% of the company’s stock.

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.