Wall Street Zen Upgrades Crescent Energy (NYSE:CRGY) to Buy

Crescent Energy (NYSE:CRGY) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other analysts have also commented on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Crescent Energy in a research report on Monday, August 3rd. Mizuho raised their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Wells Fargo & Company lifted their price target on shares of Crescent Energy from $14.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. KeyCorp reissued an “overweight” rating and set a $19.00 price target on shares of Crescent Energy in a research report on Thursday, June 11th. Finally, Zacks Research downgraded shares of Crescent Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.83.

Crescent Energy Stock Up 0.1%

Shares of Crescent Energy stock opened at $11.59 on Friday. The firm has a market cap of $3.83 billion, a PE ratio of -231.65 and a beta of 1.41. The business’s 50 day simple moving average is $10.72 and its 200 day simple moving average is $11.41. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.94 and a current ratio of 0.94. Crescent Energy has a 52-week low of $7.68 and a 52-week high of $14.29.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.26 billion. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The company’s revenue for the quarter was up 55.3% on a year-over-year basis. On average, analysts predict that Crescent Energy will post 2.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors have recently added to or reduced their stakes in CRGY. Merit Financial Group LLC acquired a new position in Crescent Energy during the second quarter worth $101,000. Mraz Amerine & Associates Inc. lifted its stake in Crescent Energy by 3.1% in the second quarter. Mraz Amerine & Associates Inc. now owns 208,065 shares of the company’s stock valued at $2,043,000 after acquiring an additional 6,187 shares during the last quarter. Independent Financial Group LLC acquired a new stake in Crescent Energy in the second quarter valued at $110,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Crescent Energy by 50.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 41,665 shares of the company’s stock valued at $395,000 after acquiring an additional 14,042 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in shares of Crescent Energy in the 2nd quarter valued at about $19,415,000. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Crescent Energy Company Profile

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.