Crescent Energy (NYSE:CRGY) Price Target Cut to $19.00 by Analysts at Wells Fargo & Company

Crescent Energy (NYSE:CRGY) had its price target cut by Wells Fargo & Company from $20.00 to $19.00 in a report released on Monday, Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued reports about the company. KeyCorp assumed coverage on Crescent Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $16.00 target price for the company. Mizuho lowered their price objective on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Truist Financial cut their target price on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. JPMorgan Chase & Co. initiated coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price target for the company. Finally, Wolfe Research began coverage on shares of Crescent Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price target for the company. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Crescent Energy has an average rating of “Buy” and a consensus target price of $16.10.

Crescent Energy Stock Performance

Crescent Energy stock opened at $12.30 on Monday. The firm has a market capitalization of $2.18 billion, a PE ratio of -61.50 and a beta of 2.19. Crescent Energy has a one year low of $9.88 and a one year high of $13.85. The stock’s 50 day moving average price is $11.60 and its 200 day moving average price is $11.72. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, August 5th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The business had revenue of $653.28 million for the quarter, compared to analysts’ expectations of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. As a group, sell-side analysts expect that Crescent Energy will post 1.28 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.90%. Crescent Energy’s payout ratio is currently -240.00%.

Insider Activity

In other Crescent Energy news, Director Michael Duginski acquired 9,344 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $2,135,480.22. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders acquired 12,294 shares of company stock valued at $131,297. Company insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRGY. CWM LLC grew its position in shares of Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after acquiring an additional 1,832 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Crescent Energy in the 2nd quarter worth about $32,000. Spirit of America Management Corp NY acquired a new stake in shares of Crescent Energy in the second quarter valued at approximately $36,000. GAMMA Investing LLC raised its holdings in shares of Crescent Energy by 186.5% during the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after buying an additional 2,934 shares during the last quarter. Finally, Equitec Proprietary Markets LLC acquired a new position in shares of Crescent Energy during the second quarter worth approximately $107,000. 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.