Crescent Energy (NYSE:CRGY) Receives $16.80 Consensus Target Price from Brokerages

Crescent Energy (NYSE:CRGY) has been given an average recommendation of “Buy” by the eleven research firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $16.80.

A number of equities analysts have recently issued reports on the company. Mizuho raised their price target on Crescent Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Raymond James increased their target price on Crescent Energy from $19.00 to $20.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Stephens boosted their price target on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Evercore ISI reiterated an “outperform” rating and issued a $17.00 price objective on shares of Crescent Energy in a research note on Tuesday, September 24th. Finally, Pickering Energy Partners started coverage on shares of Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating for the company.

Crescent Energy Price Performance

Shares of NYSE:CRGY opened at $13.84 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 22.32 and a beta of 2.17. The business has a 50-day simple moving average of $13.76 and a two-hundred day simple moving average of $12.42. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $15.54.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data 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. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The firm had revenue of $744.87 million during the quarter, compared to analysts’ expectations of $793.88 million. During the same period in the previous year, the company earned $0.35 earnings per share. On average, analysts expect that Crescent Energy will post 0.98 earnings per share for the current year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $0.48 annualized dividend and a dividend yield of 3.47%. Crescent Energy’s payout ratio is 77.42%.

Institutional Investors Weigh In On Crescent Energy

A number of institutional investors and hedge funds have recently bought and sold shares of CRGY. Raymond James & Associates grew its position in shares of Crescent Energy by 818.0% during the second quarter. Raymond James & Associates now owns 113,092 shares of the company’s stock worth $1,340,000 after purchasing an additional 100,772 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Crescent Energy by 13.2% during the second quarter. Bank of New York Mellon Corp now owns 751,012 shares of the company’s stock valued at $8,899,000 after buying an additional 87,318 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Crescent Energy during the second quarter valued at approximately $32,000. Principal Financial Group Inc. purchased a new position in shares of Crescent Energy in the second quarter worth $125,000. Finally, Peregrine Capital Management LLC bought a new position in shares of Crescent Energy during the second quarter worth $6,134,000. 52.11% of the stock is owned by institutional investors.

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.