Crescent Energy (NYSE:CRGY) Earns Outperform Rating from Evercore ISI

Evercore ISI reissued their outperform rating on shares of Crescent Energy (NYSE:CRGY) in a report published on Tuesday morning, MarketBeat reports. The firm currently has a $17.00 price objective on the stock.

Several other research firms have also commented on CRGY. Wolfe Research started coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They set an outperform rating and a $16.00 price target on the stock. Mizuho decreased their price target on Crescent Energy from $14.00 to $13.00 and set a neutral rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. began coverage on Crescent Energy in a report on Wednesday, September 18th. They set a neutral rating and a $12.00 price target for the company. KeyCorp initiated coverage on shares of Crescent Energy in a report on Thursday, June 27th. They issued an overweight rating and a $16.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of Crescent Energy from $20.00 to $21.00 and gave the stock an overweight rating in a research note on Thursday, September 5th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Crescent Energy has a consensus rating of Buy and an average price target of $16.36.

Crescent Energy Stock Performance

NYSE CRGY opened at $11.68 on Tuesday. 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’s fifty day moving average is $11.30 and its two-hundred day moving average is $11.59. The firm has a market capitalization of $2.07 billion, a P/E ratio of -58.40 and a beta of 2.26. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $13.85.

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. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The firm had revenue of $653.28 million for the quarter, compared to analysts’ expectations of $619.00 million. On average, research analysts anticipate that Crescent Energy will post 1.31 earnings per share for the current year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors 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 4.11%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy’s payout ratio is currently -240.00%.

Insider Buying and Selling at Crescent Energy

In related news, Director Michael Duginski acquired 9,344 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were acquired at an average price of $10.62 per share, with a total value of $99,233.28. Following the completion of the transaction, the director now owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders acquired 12,294 shares of company stock valued at $131,297 in the last 90 days. Company insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Crescent Energy

Several large investors have recently bought and sold shares of the stock. CWM LLC boosted 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 buying an additional 1,832 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Crescent Energy in the second quarter worth approximately $32,000. Spirit of America Management Corp NY acquired a new position in Crescent Energy during the 2nd quarter worth approximately $36,000. GAMMA Investing LLC raised its holdings in shares of Crescent Energy by 186.5% in the 1st quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after purchasing an additional 2,934 shares in the last quarter. Finally, Equitec Proprietary Markets LLC acquired a new stake in shares of Crescent Energy in the 2nd quarter valued at $107,000. Hedge funds and other institutional investors 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.