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

Crescent Energy (NYSE:CRGY) has been assigned an average recommendation of “Buy” from the eleven analysts that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $16.30.

A number of research analysts have recently issued reports on the stock. Pickering Energy Partners started coverage on shares of Crescent Energy in a research report on Monday, October 28th. They issued an “outperform” rating on the stock. Wells Fargo & Company dropped their target price on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. 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. Mizuho boosted their price objective on Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, Stephens upped their target price on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Monday, October 28th.

Institutional Investors Weigh In On Crescent Energy

Hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. increased its position in shares of Crescent Energy by 444.8% during the second quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after acquiring an additional 6,348,598 shares in the last quarter. State Street Corp boosted its stake 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 last quarter. Marshall Wace LLP increased its holdings in Crescent Energy by 286.7% during the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock worth $33,537,000 after purchasing an additional 2,098,303 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Crescent Energy in the third quarter worth approximately $21,872,000. Finally, Riposte Capital LLC bought a new position in shares of Crescent Energy in the third quarter valued at approximately $18,232,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Stock Up 1.8 %

Shares of CRGY opened at $14.81 on Friday. The stock’s 50-day moving average price is $12.90 and its two-hundred day moving average price is $12.14. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $15.54. The company has a market capitalization of $3.38 billion, a PE ratio of 23.89 and a beta of 2.19. 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 posted its quarterly earnings data on Monday, November 4th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $744.87 million for the quarter, compared to analyst estimates of $793.88 million. During the same period in the previous year, the firm earned $0.35 earnings per share. On average, analysts anticipate that Crescent Energy will post 0.97 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a $0.12 dividend. The ex-dividend date is Monday, November 18th. This represents a $0.48 annualized dividend and a yield of 3.24%. Crescent Energy’s payout ratio is currently 77.42%.

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.