Crescent Energy (NYSE:CRGY) Price Target Raised to $20.00

Crescent Energy (NYSE:CRGY) had its price target hoisted by Raymond James Financial from $19.00 to $20.00 in a report published on Thursday,Benzinga reports. The firm currently has a strong-buy rating on the stock.

Other equities analysts have also recently issued reports about the company. Morgan Stanley cut Crescent Energy to an “underweight” rating in a research note on Monday, August 3rd. UBS Group raised their price target on Crescent Energy from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Stephens lifted their price target on shares of Crescent Energy from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Seaport Research Partners started coverage on shares of Crescent Energy in a research report on Thursday, September 3rd. They set a “sell” rating and a $12.00 price objective on the stock. Finally, Wells Fargo & Company decreased their price objective on shares of Crescent Energy from $24.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Crescent Energy presently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Crescent Energy Price Performance

Shares of Crescent Energy stock opened at $14.66 on Thursday. The company’s fifty day simple moving average is $12.04 and its two-hundred day simple moving average is $12.05. Crescent Energy has a 12-month low of $7.68 and a 12-month high of $14.67. The firm has a market cap of $4.85 billion, a PE ratio of -293.24 and a beta of 1.45. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.26 billion. The firm’s revenue for the quarter was up 55.3% on a year-over-year basis. As a group, equities analysts expect that Crescent Energy will post 2.17 EPS for the current year.

Crescent Energy Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio bought a new stake in Crescent Energy in the first quarter worth $32,000. Nomura Asset Management Co. Ltd. grew its stake in shares of Crescent Energy by 134.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock worth $33,000 after acquiring an additional 2,286 shares during the last quarter. Quarry LP increased its holdings in shares of Crescent Energy by 303.5% during the third quarter. Quarry LP now owns 4,152 shares of the company’s stock valued at $37,000 after acquiring an additional 3,123 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Crescent Energy by 42.3% during the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock valued at $40,000 after acquiring an additional 1,401 shares in the last quarter. Finally, Osaic Holdings Inc. raised its position in shares of Crescent Energy by 25.2% in the 2nd 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 last quarter. Institutional investors own 52.11% of the company’s stock.

About Crescent Energy

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.