Siebert Williams Shank Initiates Coverage on Crescent Energy (NYSE:CRGY)

Analysts at Siebert Williams Shank began coverage on shares of Crescent Energy (NYSE:CRGY) in a note issued to investors on Monday, Marketbeat.com reports. The brokerage set a “buy” rating on the stock.

CRGY has been the topic of a number of other research reports. Truist Financial lifted their price target on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Wells Fargo & Company reduced their price target on 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 increased their price target on Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Pickering Energy Partners initiated coverage on Crescent Energy in a report on Monday, October 28th. They issued an “outperform” rating on the stock. Finally, Raymond James upped their price objective on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $17.50.

Crescent Energy Price Performance

Shares of CRGY opened at $15.23 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The stock has a market cap of $3.48 billion, a PE ratio of 24.56 and a beta of 2.16. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $16.94. The business has a 50-day simple moving average of $15.04 and a two-hundred day simple moving average of $13.13.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $793.88 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Analysts anticipate that Crescent Energy will post 0.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Crescent Energy

Hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new stake in Crescent Energy in the 4th quarter valued at $170,905,000. Jennison Associates LLC grew its holdings in shares of Crescent Energy by 234.4% during the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock valued at $69,914,000 after buying an additional 3,354,362 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Crescent Energy by 55.5% during the fourth quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock worth $135,316,000 after acquiring an additional 3,305,833 shares in the last quarter. State Street Corp increased its position in shares of Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after acquiring an additional 2,986,468 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Crescent Energy in the 3rd quarter worth about $21,872,000. Institutional investors and hedge funds 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.