Crescent Energy (NYSE:CRGY) Price Target Cut to $15.00

Crescent Energy (NYSE:CRGY) had its price objective lowered by Truist Financial from $19.00 to $15.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 36.49% from the company’s current price.

Several other brokerages also recently weighed in on CRGY. Stephens reiterated an “overweight” rating and issued a $20.00 target price on shares of Crescent Energy in a research note on Tuesday, August 6th. Mizuho reduced their price objective on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a report on Monday, September 16th. KeyCorp assumed coverage on Crescent Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $16.00 price target for the company. JPMorgan Chase & Co. began coverage on Crescent Energy in a report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target for the company. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of Crescent Energy in a research report on Tuesday, September 24th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $16.30.

Crescent Energy Trading Down 1.3 %

Shares of NYSE:CRGY traded down $0.14 during midday trading on Monday, reaching $10.99. 165,525 shares of the company’s stock were exchanged, compared to its average volume of 2,090,727. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $13.85. The firm’s 50 day simple moving average is $11.23 and its two-hundred day simple moving average is $11.60. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -55.05 and a beta of 2.26. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The business had revenue of $653.28 million for the quarter, compared to analyst estimates of $619.00 million. As a group, sell-side analysts forecast that Crescent Energy will post 1.5 EPS for the current fiscal year.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski acquired 9,344 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the purchase, the director now directly owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 12,294 shares of company stock worth $131,297 over the last quarter. 13.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crescent Energy

Institutional investors have recently made changes to their positions in the stock. CWM LLC grew its holdings in Crescent Energy by 618.9% in the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after buying an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Crescent Energy in the 2nd quarter worth approximately $32,000. Spirit of America Management Corp NY bought a new position in Crescent Energy in the 2nd quarter worth approximately $36,000. GAMMA Investing LLC grew its holdings in Crescent Energy by 186.5% in the 1st quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock worth $54,000 after buying an additional 2,934 shares in the last quarter. Finally, Equitec Proprietary Markets LLC bought a new position in Crescent Energy in the 2nd quarter worth approximately $107,000. 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.