Crescent Energy (NYSE:CRGY) Now Covered by JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Crescent Energy (NYSE:CRGY) in a research note published on Wednesday, Marketbeat reports. The firm issued a neutral rating and a $12.00 price objective on the stock.

Several other equities analysts have also recently issued reports on the stock. Wolfe Research began coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They issued an outperform rating and a $16.00 price target for the company. KeyCorp began coverage on shares of Crescent Energy in a research report on Thursday, June 27th. They issued an overweight rating and a $16.00 price target for the company. Wells Fargo & Company upped their price target on shares of Crescent Energy from $20.00 to $21.00 and gave the company an overweight rating in a research report on Thursday, September 5th. Mizuho reduced their price objective on shares of Crescent Energy from $14.00 to $13.00 and set a neutral rating on the stock in a research note on Monday. Finally, Stephens reaffirmed an overweight rating and issued a $20.00 price objective on shares of Crescent Energy in a research note on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $16.27.

Crescent Energy Price Performance

CRGY stock opened at $11.10 on Wednesday. The company has a 50 day simple moving average of $11.39 and a 200 day simple moving average of $11.58. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of -55.65 and a beta of 2.26. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $13.85. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The business had revenue of $653.28 million during the quarter, compared to analysts’ expectations of $619.00 million. Research analysts anticipate that Crescent Energy will post 1.31 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 4.32%. The ex-dividend date was Monday, August 19th. Crescent Energy’s dividend payout ratio is presently -240.00%.

Insider Buying and Selling

In related news, Director Michael Duginski bought 9,344 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average cost of $10.62 per share, with a total value of $99,233.28. Following the completion of the purchase, the director now directly owns 201,081 shares in the company, valued at $2,135,480.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have purchased a total of 12,294 shares of company stock valued at $131,297 over the last ninety days. 13.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. CWM LLC raised 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 buying an additional 1,832 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Crescent Energy in the second quarter valued at about $32,000. Spirit of America Management Corp NY purchased a new stake in shares of Crescent Energy in the second quarter valued at about $36,000. GAMMA Investing LLC raised its holdings in shares of Crescent Energy by 186.5% in the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after purchasing an additional 2,934 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Crescent Energy by 58.5% in the fourth quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock valued at $98,000 after purchasing an additional 2,748 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

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.