Crescent Energy Company (NYSE:CRGY) Receives $15.58 Average PT from Analysts

Crescent Energy Company (NYSE:CRGY) has been assigned a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $15.5833.

Several equities analysts have recently weighed in on the company. KeyCorp reissued an “overweight” rating and set a $19.00 price target on shares of Crescent Energy in a report on Thursday, June 11th. Wells Fargo & Company lifted their price objective on Crescent Energy from $14.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. Stephens reiterated an “overweight” rating and set a $18.00 price objective on shares of Crescent Energy in a research report on Tuesday, May 5th. Zacks Research cut Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Weiss Ratings downgraded Crescent Energy from a “hold (c)” rating to a “sell (d)” rating in a research note on Wednesday, May 6th.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wolverine Asset Management LLC bought a new stake in Crescent Energy during the fourth quarter valued at about $860,000. Jennison Associates LLC grew its stake in shares of Crescent Energy by 74.1% during the 1st quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock valued at $57,435,000 after acquiring an additional 1,810,225 shares during the period. Legal & General Group Plc increased its holdings in Crescent Energy by 27.5% in the 4th quarter. Legal & General Group Plc now owns 585,827 shares of the company’s stock worth $4,915,000 after acquiring an additional 126,330 shares in the last quarter. Kohlberg Kravis Roberts & Co. L.P. raised its stake in Crescent Energy by 7.1% during the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock worth $386,847,000 after acquiring an additional 1,897,230 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Crescent Energy by 34.6% during the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock valued at $228,981,000 after purchasing an additional 7,015,982 shares in the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $10.47 on Wednesday. The firm has a market cap of $3.46 billion, a P/E ratio of -13.97 and a beta of 1.40. Crescent Energy has a twelve month low of $7.68 and a twelve month high of $14.29. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. The company has a 50 day moving average of $10.93 and a 200 day moving average of $11.24.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, May 4th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.14. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The company’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.57 EPS. As a group, research analysts expect that Crescent Energy will post 1.78 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Monday, May 18th. Crescent Energy’s dividend payout ratio is currently -64.00%.

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.