Crescent Energy (NYSE:CRGY) Upgraded to Strong-Buy by KeyCorp

KeyCorp upgraded shares of Crescent Energy (NYSE:CRGY) to a strong-buy rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other research analysts have also recently issued reports on the company. Tudor, Pickering, Holt & Co. started coverage on Crescent Energy in a report on Wednesday, April 10th. They issued a buy rating and a $18.00 price target on the stock. Truist Financial increased their price target on Crescent Energy from $19.00 to $20.00 and gave the company a buy rating in a research report on Thursday, May 23rd. Stephens reaffirmed an overweight rating and set a $17.00 price objective on shares of Crescent Energy in a research note on Tuesday, March 5th. Mizuho boosted their price target on shares of Crescent Energy from $13.00 to $14.00 and gave the company a neutral rating in a report on Monday, May 13th. Finally, Wells Fargo & Company lifted their price objective on shares of Crescent Energy from $19.00 to $20.00 and gave the stock an overweight rating in a research report on Monday, April 22nd. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of Buy and an average target price of $16.56.

Crescent Energy Stock Up 2.6 %

Shares of CRGY stock opened at $11.93 on Wednesday. Crescent Energy has a 1 year low of $9.74 and a 1 year high of $14.22. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The business’s fifty day moving average is $11.82 and its 200-day moving average is $11.63. The stock has a market cap of $2.12 billion, a PE ratio of -59.62 and a beta of 2.20.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.28. Crescent Energy had a negative net margin of 0.67% and a positive return on equity of 12.90%. The company had revenue of $657.47 million for the quarter, compared to analysts’ expectations of $579.44 million. Equities analysts expect that Crescent Energy will post 1.65 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Tuesday, May 21st were given a dividend of $0.12 per share. The ex-dividend date was Monday, May 20th. This represents a $0.48 dividend on an annualized basis and a yield of 4.03%. Crescent Energy’s payout ratio is -239.99%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CRGY. GAMMA Investing LLC lifted its holdings in shares of Crescent Energy by 186.5% during the 1st quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after buying an additional 2,934 shares during the last quarter. Amalgamated Bank grew its position in Crescent Energy by 58.5% in 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 in the last quarter. J.W. Cole Advisors Inc. acquired a new position in shares of Crescent Energy during the 4th quarter worth $136,000. Raymond James Financial Services Advisors Inc. bought a new position in shares of Crescent Energy during the 4th quarter valued at $139,000. Finally, Carson Advisory Inc. acquired a new stake in shares of Crescent Energy in the 4th quarter valued at $144,000. 52.11% of the stock is owned by institutional investors and hedge funds.

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.