Truist Financial Forecasts Strong Price Appreciation for Crescent Energy (NYSE:CRGY) Stock

Crescent Energy (NYSE:CRGY) had its price target increased by Truist Financial from $18.00 to $21.00 in a research report report published on Monday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other research firms have also recently commented on CRGY. Evercore ISI reiterated an “outperform” rating and issued a $17.00 price objective on shares of Crescent Energy in a report on Tuesday, September 24th. Wells Fargo & Company reduced their price target on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Mizuho upped their price objective on Crescent Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Raymond James lifted their price objective on Crescent Energy from $19.00 to $20.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. Finally, JPMorgan Chase & Co. began coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective for the company. Two 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 stock. According to data from MarketBeat, Crescent Energy presently has an average rating of “Buy” and an average target price of $17.10.

Crescent Energy Stock Performance

NYSE CRGY opened at $16.42 on Monday. The firm has a market capitalization of $3.75 billion, a P/E ratio of 26.48 and a beta of 2.17. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $16.56. The stock has a 50-day simple moving average of $14.44 and a two-hundred day simple moving average of $12.70. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.11. The firm had revenue of $744.87 million for the quarter, compared to analysts’ expectations of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same quarter last year, the company earned $0.35 EPS. On average, equities analysts forecast that Crescent Energy will post 0.98 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently disclosed 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 was Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 2.92%. Crescent Energy’s payout ratio is 77.42%.

Hedge Funds Weigh In On Crescent Energy

A number of large investors have recently bought and sold shares of CRGY. Farther Finance Advisors LLC lifted its holdings 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 acquiring an additional 3,135 shares during the period. Amalgamated Bank grew its position in Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock worth $54,000 after buying an additional 2,272 shares during the period. GAMMA Investing LLC increased its holdings in Crescent Energy by 48.3% in the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock valued at $73,000 after buying an additional 1,621 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Crescent Energy during the 2nd quarter valued at approximately $125,000. Finally, Zacks Investment Management purchased a new stake in shares of Crescent Energy during the 3rd quarter worth approximately $121,000. Hedge funds and other 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.