Crescent Energy (NYSE:CRGY) Receives $16.30 Average Price Target from Brokerages

Shares of Crescent Energy (NYSE:CRGY) have received a consensus recommendation of “Buy” from the eleven research firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $16.30.

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. began coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target on the stock. Wells Fargo & Company dropped their target price on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Pickering Energy Partners initiated coverage on Crescent Energy in a report on Monday, October 28th. They set an “outperform” rating for the company. Evercore ISI restated an “outperform” rating and issued a $17.00 price objective on shares of Crescent Energy in a report on Tuesday, September 24th. Finally, Mizuho raised their price objective on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CRGY. Sunbelt Securities Inc. grew its position in shares of Crescent Energy by 14.1% in the third quarter. Sunbelt Securities Inc. now owns 33,096 shares of the company’s stock valued at $362,000 after purchasing an additional 4,102 shares during the last quarter. Neo Ivy Capital Management bought a new stake in Crescent Energy during the 3rd quarter valued at approximately $430,000. Geode Capital Management LLC boosted its stake in 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 purchasing an additional 1,164,306 shares during the period. Barclays PLC grew its holdings in Crescent Energy by 579.6% in the 3rd quarter. Barclays PLC now owns 241,137 shares of the company’s stock valued at $2,641,000 after buying an additional 205,657 shares during the last quarter. Finally, Legacy Investment Solutions LLC bought a new position in Crescent Energy in the 3rd quarter worth approximately $183,000. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Price Performance

NYSE CRGY opened at $14.87 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of 23.98 and a beta of 2.19. The company has a 50 day simple moving average of $13.04 and a 200-day simple moving average of $12.17. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $15.54.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.11. The firm had revenue of $744.87 million for 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 business earned $0.35 EPS. Equities research analysts predict that Crescent Energy will post 0.97 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Monday, November 18th. Crescent Energy’s dividend payout ratio is 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.