Crescent Energy (NYSE:CRGY) Receives $17.20 Average Price Target from Brokerages

Shares of Crescent Energy (NYSE:CRGY) have been assigned a consensus recommendation of “Buy” from the eleven ratings firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $17.50.

Several equities research analysts have issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Mizuho boosted their price target on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Raymond James boosted their price target on shares of Crescent Energy from $22.00 to $23.00 and gave the stock a “strong-buy” rating in a research report on Thursday. Pickering Energy Partners initiated coverage on Crescent Energy in a report on Monday, October 28th. They set an “outperform” rating on the stock. Finally, Stephens boosted their target price on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Monday, October 28th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRGY. Pacer Advisors Inc. acquired a new stake in shares of Crescent Energy during the 4th quarter worth about $170,905,000. Jennison Associates LLC boosted its holdings in shares of Crescent Energy by 234.4% during the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock worth $69,914,000 after purchasing an additional 3,354,362 shares during the last quarter. State Street Corp boosted its holdings in shares of Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after purchasing an additional 2,986,468 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Crescent Energy by 286.7% during the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock worth $33,537,000 after purchasing an additional 2,098,303 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Crescent Energy during the third quarter worth $21,872,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Stock Down 2.2 %

CRGY stock opened at $15.98 on Friday. The firm has a market cap of $3.65 billion, a PE ratio of 25.78 and a beta of 2.17. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s fifty day moving average is $14.94 and its 200 day moving average is $12.96. Crescent Energy has a one year low of $9.88 and a one year high of $16.94.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The firm had revenue of $744.87 million for the quarter, compared to analysts’ expectations of $793.88 million. During the same period last year, the firm earned $0.35 EPS. On average, research analysts forecast that Crescent Energy will post 0.84 EPS for the current year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend was Monday, November 18th. Crescent Energy’s payout ratio is 77.42%.

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.