Crescent Energy’s (CRGY) Strong-Buy Rating Reaffirmed at Raymond James

Raymond James restated their strong-buy rating on shares of Crescent Energy (NYSE:CRGY) in a report published on Friday,Benzinga reports. Raymond James currently has a $18.00 price target on the stock, down from their previous price target of $23.00.

CRGY has been the subject of several other reports. Stephens restated an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a research note on Monday, March 3rd. Mizuho boosted their price target on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Truist Financial increased their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Williams Trading set a $16.00 target price on Crescent Energy in a report on Wednesday, March 5th. Finally, Siebert Williams Shank began coverage on shares of Crescent Energy in a research note on Monday, February 3rd. They set a “buy” rating for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Crescent Energy has an average rating of “Moderate Buy” and a consensus price target of $17.09.

Crescent Energy Price Performance

Shares of CRGY opened at $11.13 on Friday. The firm’s 50-day simple moving average is $13.43 and its two-hundred day simple moving average is $13.47. 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 stock has a market cap of $2.88 billion, a PE ratio of 17.94 and a beta of 2.18. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $16.94.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 4.31%. The ex-dividend date was Wednesday, March 12th. Crescent Energy’s dividend payout ratio is currently -69.57%.

Insider Transactions at Crescent Energy

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

Hedge Funds Weigh In On Crescent Energy

Hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System lifted its position in Crescent Energy by 30.7% during the 4th quarter. California State Teachers Retirement System now owns 179,917 shares of the company’s stock worth $2,629,000 after acquiring an additional 42,253 shares during the period. GF Fund Management CO. LTD. acquired a new stake in shares of Crescent Energy during the fourth quarter worth about $754,000. Public Employees Retirement System of Ohio boosted its position in Crescent Energy by 35.3% in 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. Neo Ivy Capital Management increased its holdings in Crescent Energy by 547.9% in the 4th quarter. Neo Ivy Capital Management now owns 254,706 shares of the company’s stock worth $3,721,000 after buying an additional 215,396 shares during the period. Finally, GTS Securities LLC purchased a new position in Crescent Energy during the 4th quarter worth approximately $465,000. 52.11% of the stock is owned by institutional investors and hedge funds.

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.