Brokerages Set Crescent Energy (NYSE:CRGY) Price Target at $16.20

Shares of Crescent Energy (NYSE:CRGY) have been assigned an average recommendation of “Buy” from the ten ratings firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $16.20.

Several brokerages have weighed in on CRGY. JPMorgan Chase & Co. began coverage on shares of Crescent Energy in a report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective for the company. Truist Financial reduced their price target on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Wells Fargo & Company reduced their price target on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Mizuho reduced their price target on shares of Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Finally, Evercore ISI restated an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a research report on Tuesday, September 24th.

Insiders Place Their Bets

In related news, Director Michael Duginski acquired 9,344 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was acquired at an average price of $10.62 per share, with a total value of $99,233.28. Following the completion of the transaction, the director now owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders bought a total of 12,294 shares of company stock valued at $131,297 in the last quarter. Insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRGY. Jupiter Asset Management Ltd. bought a new stake in Crescent Energy during the first quarter worth about $2,877,000. Vanguard Group Inc. grew its stake in Crescent Energy by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 8,171,426 shares of the company’s stock worth $107,945,000 after buying an additional 530,199 shares during the last quarter. GSA Capital Partners LLP grew its stake in Crescent Energy by 901.7% during the first quarter. GSA Capital Partners LLP now owns 100,681 shares of the company’s stock worth $1,198,000 after buying an additional 90,630 shares during the last quarter. Moody National Bank Trust Division bought a new stake in Crescent Energy during the second quarter worth about $769,000. Finally, Interval Partners LP bought a new stake in Crescent Energy during the second quarter worth about $1,835,000. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

Shares of NYSE CRGY opened at $13.46 on Thursday. 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 stock’s fifty day moving average price is $11.37 and its two-hundred day moving average price is $11.69. Crescent Energy has a one year low of $9.88 and a one year high of $13.85. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 673.00 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.05. The business 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%. On average, equities analysts forecast that Crescent Energy will post 1.28 EPS for the current year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy’s payout ratio is presently 2,400.00%.

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.