Crescent Energy (NYSE:CRGY) Sets New 52-Week High After Analyst Upgrade

Shares of Crescent Energy Company (NYSE:CRGY) hit a new 52-week high during mid-day trading on Thursday after Raymond James Financial raised their price target on the stock from $19.00 to $20.00. Raymond James Financial currently has a strong-buy rating on the stock. Crescent Energy traded as high as $14.60 and last traded at $14.3320, with a volume of 221751 shares. The stock had previously closed at $14.24.

Several other research firms have also issued reports on CRGY. Morgan Stanley lowered shares of Crescent Energy to an “underweight” rating in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of Crescent Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings raised Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, August 17th. Mizuho boosted their price target on Crescent Energy from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Finally, UBS Group upped their price target on Crescent Energy from $13.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently made changes to their positions in CRGY. Strs Ohio acquired a new stake in shares of Crescent Energy during the 1st quarter valued at about $32,000. Nomura Asset Management Co. Ltd. increased its stake in Crescent Energy by 134.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock valued at $33,000 after acquiring an additional 2,286 shares during the period. Quarry LP raised its position in Crescent Energy by 303.5% in the third quarter. Quarry LP now owns 4,152 shares of the company’s stock worth $37,000 after purchasing an additional 3,123 shares in the last quarter. Allworth Financial LP lifted its stake in Crescent Energy by 42.3% during the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock worth $40,000 after purchasing an additional 1,401 shares during the period. Finally, Osaic Holdings Inc. lifted its stake in Crescent Energy by 25.2% during the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock worth $46,000 after purchasing an additional 1,066 shares during the period. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Trading Up 1.8%

The company has a debt-to-equity ratio of 1.00, a current ratio of 0.94 and a quick ratio of 0.94. The business’s 50 day simple moving average is $12.04 and its 200 day simple moving average is $12.05. The stock has a market cap of $4.85 billion, a P/E ratio of -293.24 and a beta of 1.45.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.26 billion. The firm’s quarterly revenue was up 55.3% on a year-over-year basis. On average, analysts expect that Crescent Energy Company will post 2.07 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, August 17th. Crescent Energy’s dividend payout ratio is -960.00%.

Crescent Energy Company Profile

Crescent Energy Company (NYSE: CRGY) is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.