Crescent Energy (NYSE:CRGY) Price Target Lowered to $20.00 at Wells Fargo & Company

Crescent Energy (NYSE:CRGY) had its price objective dropped by stock analysts at Wells Fargo & Company from $21.00 to $20.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 79.05% from the company’s previous close.

A number of other research analysts have also commented on CRGY. Wolfe Research began coverage on Crescent Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $16.00 price target on the stock. Evercore ISI reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Crescent Energy in a research note on Tuesday, September 24th. KeyCorp assumed coverage on shares of Crescent Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $16.00 price objective for the company. Mizuho dropped their target price on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Finally, Stephens reiterated an “overweight” rating and issued a $20.00 target price on shares of Crescent Energy in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $16.20.

Crescent Energy Stock Performance

Shares of CRGY stock traded up $0.22 on Tuesday, hitting $11.17. 2,001,566 shares of the stock traded hands, compared to its average volume of 2,101,296. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. The company has a market capitalization of $1.98 billion, a PE ratio of -55.85 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’s fifty day moving average is $11.21 and its 200 day moving average is $11.60.

Crescent Energy (NYSE:CRGY) last issued 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. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. The firm had revenue of $653.28 million for the quarter, compared to analyst estimates of $619.00 million. On average, equities research analysts predict that Crescent Energy will post 1.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael Duginski acquired 9,344 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the purchase, the director now directly owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders bought 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 company insiders.

Institutional Trading of Crescent Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Trexquant Investment LP bought a new position in Crescent Energy during the fourth quarter worth about $298,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Crescent Energy by 22,968.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock valued at $48,328,000 after purchasing an additional 3,642,584 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Crescent Energy by 21.2% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,668,560 shares of the company’s stock valued at $22,042,000 after purchasing an additional 291,990 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Crescent Energy by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 8,171,426 shares of the company’s stock valued at $107,945,000 after purchasing an additional 530,199 shares in the last quarter. Finally, Northside Capital Management LLC bought a new position in shares of Crescent Energy during the 1st quarter valued at about $4,453,000. 52.11% of the stock is currently 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.