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

Crescent Energy (NYSE:CRGY) had its price target reduced by Wells Fargo & Company from $21.00 to $20.00 in a report published on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also recently issued reports about the company. Mizuho upped their price objective on Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Siebert Williams Shank assumed coverage on Crescent Energy in a research report on Monday, February 3rd. They set a “buy” rating on the stock. Citigroup lowered Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price target on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Finally, Raymond James boosted their price objective on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.55.

Crescent Energy Stock Performance

Shares of Crescent Energy stock opened at $11.67 on Monday. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $16.94. The firm’s 50-day moving average is $13.86 and its 200 day moving average is $13.48. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of 18.81 and a beta of 2.18. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 4.11%. Crescent Energy’s dividend payout ratio is currently -69.57%.

Insider Activity at Crescent Energy

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael Duginski bought 20,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the purchase, the director now owns 259,607 shares in the company, valued at $2,744,045.99. This represents a 8.35 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 24,932 shares of company stock worth $263,219. Corporate insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

A number of institutional investors and hedge funds have recently bought and sold shares of CRGY. Public Employees Retirement System of Ohio boosted its stake in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock valued at $40,000 after buying an additional 705 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Crescent Energy by 4.3% during the 4th quarter. Hsbc Holdings PLC now owns 18,902 shares of the company’s stock worth $276,000 after acquiring an additional 785 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Crescent Energy by 2.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 37,831 shares of the company’s stock valued at $553,000 after acquiring an additional 897 shares during the last quarter. Dark Forest Capital Management LP boosted its position in shares of Crescent Energy by 4.0% during the 4th quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company’s stock valued at $487,000 after acquiring an additional 1,282 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Crescent Energy by 48.3% in the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock valued at $73,000 after purchasing an additional 1,621 shares in the last quarter. 52.11% of the stock is currently 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.