Crescent Energy (NYSE:CRGY) Hits New 1-Year High After Analyst Upgrade

Crescent Energy (NYSE:CRGY) reached a new 52-week high on Monday after Mizuho raised their price target on the stock from $16.00 to $17.00. Mizuho currently has a neutral rating on the stock. Crescent Energy traded as high as $16.33 and last traded at $16.33, with a volume of 222769 shares trading hands. The stock had previously closed at $15.86.

Other research analysts also recently issued research reports about the stock. Raymond James boosted their target price on shares of Crescent Energy from $19.00 to $20.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. Pickering Energy Partners started coverage on shares of Crescent Energy in a research note on Monday, October 28th. They set an “outperform” rating on the stock. Wells Fargo & Company lowered their target price on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. JPMorgan Chase & Co. initiated coverage on Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price target on the stock. Finally, Stephens lifted their price objective on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $17.20.

Institutional Trading of Crescent Energy

A number of hedge funds have recently made changes to their positions in CRGY. State Street Corp lifted its holdings in Crescent Energy by 78.6% during the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after buying an additional 2,986,468 shares during the last quarter. Interval Partners LP acquired a new position in Crescent Energy in the second quarter worth $1,835,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Crescent Energy in the 2nd quarter worth about $3,496,000. Empowered Funds LLC boosted its holdings in shares of Crescent Energy by 11.4% in the 3rd quarter. Empowered Funds LLC now owns 925,301 shares of the company’s stock valued at $10,132,000 after buying an additional 94,948 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Crescent Energy by 53.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after buying an additional 1,164,306 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Trading Up 1.0 %

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The firm’s 50 day moving average is $14.44 and its two-hundred day moving average is $12.70. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 26.73 and a beta of 2.17.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.28 by $0.11. The business had revenue of $744.87 million during 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 quarter in the prior year, the firm earned $0.35 earnings per share. Equities analysts anticipate that Crescent Energy will post 0.98 EPS for the current year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 2.90%. Crescent Energy’s dividend payout ratio is presently 77.42%.

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.