Crescent Energy (NYSE:CRGY) Shares Up 5.8% Following Analyst Upgrade

Crescent Energy (NYSE:CRGY) traded up 5.8% during mid-day trading on Thursday after Raymond James raised their price target on the stock from $19.00 to $20.00. Raymond James currently has a strong-buy rating on the stock. Crescent Energy traded as high as $15.41 and last traded at $15.40. 498,066 shares traded hands during trading, a decline of 79% from the average session volume of 2,334,258 shares. The stock had previously closed at $14.56.

CRGY has been the topic of a number of other research reports. JPMorgan Chase & Co. started coverage on Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective on the stock. Mizuho lifted their price objective on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Truist Financial decreased their target price on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Pickering Energy Partners started coverage on shares of Crescent Energy in a report on Monday, October 28th. They issued an “outperform” rating on the stock. Finally, Evercore ISI reiterated an “outperform” rating and set a $17.00 price objective on shares of Crescent Energy in a report on Tuesday, September 24th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $16.30.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRGY. SG Americas Securities LLC purchased a new position in Crescent Energy in the 1st quarter valued at $210,000. Sei Investments Co. boosted its stake in Crescent Energy by 14.9% during the first quarter. Sei Investments Co. now owns 43,470 shares of the company’s stock worth $517,000 after buying an additional 5,624 shares during the last quarter. ProShare Advisors LLC grew its holdings in Crescent Energy by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock valued at $165,000 after buying an additional 1,085 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Crescent Energy by 13.9% in the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock worth $110,775,000 after acquiring an additional 1,137,367 shares during the last quarter. Finally, Quadrature Capital Ltd raised its holdings in shares of Crescent Energy by 5.1% during the 1st quarter. Quadrature Capital Ltd now owns 30,744 shares of the company’s stock worth $366,000 after acquiring an additional 1,503 shares during the period. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

The firm has a fifty day moving average price of $12.58 and a 200 day moving average price of $12.05. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The firm has a market cap of $3.47 billion, a PE ratio of 24.48 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.11. The company had revenue of $744.87 million for the quarter, compared to analyst estimates of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same period in the previous year, the business posted $0.35 EPS. As a group, equities research analysts expect that Crescent Energy will post 0.97 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Monday, November 18th. Crescent Energy’s dividend payout ratio is presently 77.42%.

Crescent Energy Company Profile

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.