Crescent Energy (NYSE:CRGY) Sets New 52-Week High on Analyst Upgrade

Crescent Energy (NYSE:CRGY)’s share price hit a new 52-week high during mid-day trading on Monday after Truist Financial raised their price target on the stock from $18.00 to $21.00. Truist Financial currently has a buy rating on the stock. Crescent Energy traded as high as $16.33 and last traded at $16.33, with a volume of 222769 shares trading hands. The stock had previously closed at $15.86.

Other analysts have also issued reports about the stock. Pickering Energy Partners initiated coverage on shares of Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating on the stock. Raymond James upped their target price on shares of Crescent Energy from $19.00 to $20.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Evercore ISI reiterated an “outperform” rating and issued a $17.00 target price on shares of Crescent Energy in a research note on Tuesday, September 24th. Stephens boosted their target price on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Finally, JPMorgan Chase & Co. started coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Crescent Energy currently has an average rating of “Buy” and a consensus target price of $17.10.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC increased its stake in Crescent Energy by 15,675.0% in the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock valued at $35,000 after purchasing an additional 3,135 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Crescent Energy by 86.4% in the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after purchasing an additional 2,272 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Crescent Energy by 48.3% in the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after acquiring an additional 1,621 shares in the last quarter. Principal Financial Group Inc. bought a new stake in Crescent Energy in the 2nd quarter worth about $125,000. Finally, Zacks Investment Management purchased a new stake in shares of Crescent Energy during the third quarter valued at approximately $121,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Trading Up 3.5 %

The stock has a market capitalization of $3.75 billion, a PE ratio of 26.48 and a beta of 2.17. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The firm has a 50-day moving average price of $14.44 and a 200-day moving average price of $12.70.

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

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 2.92%. Crescent Energy’s dividend payout ratio is presently 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.