Crescent Energy (NYSE:CRGY) Upgraded at JPMorgan Chase & Co.

Crescent Energy (NYSE:CRGY) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Friday, Marketbeat Ratings reports. The firm presently has a $19.00 price target on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 55.17% from the stock’s current price.

Several other equities research analysts have also recently issued reports on CRGY. Zacks Research upgraded shares of Crescent Energy from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Piper Sandler increased their price target on Crescent Energy from $14.00 to $16.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. BMO Capital Markets began coverage on Crescent Energy in a research note on Friday, January 9th. They issued a “market perform” rating and a $10.00 price target on the stock. Weiss Ratings raised Crescent Energy from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, February 27th. Finally, Wells Fargo & Company increased their target price on Crescent Energy from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Crescent Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.78.

Crescent Energy Price Performance

CRGY opened at $12.25 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market capitalization of $4.02 billion, a P/E ratio of 23.55 and a beta of 1.57. The company’s 50-day simple moving average is $10.22 and its two-hundred day simple moving average is $9.28. Crescent Energy has a 52-week low of $6.83 and a 52-week high of $12.65.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.19. Crescent Energy had a net margin of 3.71% and a return on equity of 8.36%. The firm had revenue of $865.05 million for the quarter, compared to the consensus estimate of $884.64 million. As a group, analysts predict that Crescent Energy will post 0.77 EPS for the current year.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Corient Private Wealth LLC lifted its position in Crescent Energy by 62.6% during the fourth quarter. Corient Private Wealth LLC now owns 28,731 shares of the company’s stock valued at $241,000 after purchasing an additional 11,063 shares in the last quarter. Alpine Global Management LLC bought a new stake in Crescent Energy during the fourth quarter valued at about $183,000. MidFirst Bank purchased a new stake in Crescent Energy in the fourth quarter worth about $232,000. Sunbelt Securities Inc. raised its stake in shares of Crescent Energy by 9.7% in the fourth quarter. Sunbelt Securities Inc. now owns 150,343 shares of the company’s stock worth $1,261,000 after buying an additional 13,344 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Crescent Energy by 38.8% in the fourth quarter. Invesco Ltd. now owns 2,260,663 shares of the company’s stock worth $18,967,000 after buying an additional 632,147 shares during the period. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Energy

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.