Crescent Energy (NYSE:CRGY) Given Average Rating of “Buy” by Brokerages

Shares of Crescent Energy (NYSE:CRGY) have earned an average recommendation of “Buy” from the ten brokerages that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $16.27.

Several research analysts have weighed in on CRGY shares. Wolfe Research began coverage on Crescent Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $16.00 target price on the stock. KeyCorp began coverage on Crescent Energy in a research note on Thursday, June 27th. They issued an “overweight” rating and a $16.00 price target on the stock. JPMorgan Chase & Co. began coverage on Crescent Energy in a research note on Wednesday. They issued a “neutral” rating and a $12.00 price target on the stock. Truist Financial dropped their price target on Crescent Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, Stephens reissued an “overweight” rating and issued a $20.00 price target on shares of Crescent Energy in a research note on Tuesday, August 6th.

Insider Activity at Crescent Energy

In other Crescent Energy news, Director Michael Duginski purchased 9,344 shares of Crescent Energy stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the acquisition, the director now owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have purchased 12,294 shares of company stock valued at $131,297. 13.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Crescent Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC grew its holdings in Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after purchasing an additional 1,832 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in shares of Crescent Energy during the second quarter worth approximately $32,000. Spirit of America Management Corp NY bought a new stake in shares of Crescent Energy during the second quarter worth approximately $36,000. GAMMA Investing LLC boosted its holdings in shares of Crescent Energy by 186.5% during the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock worth $54,000 after acquiring an additional 2,934 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of Crescent Energy by 58.5% during the fourth quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock worth $98,000 after acquiring an additional 2,748 shares during the period. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

CRGY stock opened at $11.44 on Friday. The business’s 50-day moving average price is $11.33 and its two-hundred day moving average price is $11.58. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13. The firm has a market cap of $2.03 billion, a PE ratio of -57.20 and a beta of 2.26. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $13.85.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.05. The firm had revenue of $653.28 million for the quarter, compared to analyst estimates of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. As a group, research analysts forecast that Crescent Energy will post 1.31 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy’s dividend payout ratio is currently -240.00%.

About Crescent Energy

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.