Crescent Energy (NYSE:CRGY) Upgraded to “Strong-Buy” at UBS Group

Crescent Energy (NYSE:CRGY) was upgraded by analysts at UBS Group to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company lifted their target price on Crescent Energy from $14.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. JPMorgan Chase & Co. raised Crescent Energy from a “neutral” rating to an “overweight” rating and set a $19.00 price objective for the company in a research report on Friday, March 20th. KeyCorp reissued an “overweight” rating and set a $19.00 price objective on shares of Crescent Energy in a research report on Thursday, June 11th. Zacks Research cut shares of Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Raymond James Financial dropped their price target on shares of Crescent Energy from $20.00 to $18.00 and set a “strong-buy” rating for the company in a research report on Thursday, June 18th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.58.

Crescent Energy Stock Up 1.8%

Shares of NYSE CRGY opened at $10.19 on Tuesday. The company has a market capitalization of $3.37 billion, a P/E ratio of -13.59 and a beta of 1.40. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.57 and a quick ratio of 0.57. The company has a 50 day simple moving average of $11.29 and a 200-day simple moving average of $11.08. Crescent Energy has a 1 year low of $7.68 and a 1 year high of $14.29.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, May 4th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.14. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The firm’s quarterly revenue was up 24.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 earnings per share. On average, equities research analysts predict that Crescent Energy will post 1.77 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRGY. Vanguard Group Inc. lifted its position in Crescent Energy by 34.6% in the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock valued at $228,981,000 after acquiring an additional 7,015,982 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Crescent Energy by 775.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,303,260 shares of the company’s stock worth $27,714,000 after purchasing an additional 2,925,780 shares during the last quarter. State Street Corp grew its holdings in shares of Crescent Energy by 27.6% during the fourth quarter. State Street Corp now owns 12,808,605 shares of the company’s stock worth $107,464,000 after purchasing an additional 2,767,096 shares during the last quarter. Bank of America Corp DE increased its position in shares of Crescent Energy by 308.2% during the first quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock worth $41,267,000 after purchasing an additional 2,307,971 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Crescent Energy by 77.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,105,558 shares of the company’s stock worth $42,836,000 after purchasing an additional 2,234,324 shares in the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Company Profile

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.