Brokerages Set Crescent Energy Company (NYSE:CRGY) Price Target at $15.92

Shares of Crescent Energy Company (NYSE:CRGY) have been assigned a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $16.4167.

A number of equities analysts have recently commented on CRGY shares. KeyCorp reissued an “overweight” rating and issued a $19.00 target price on shares of Crescent Energy in a research note on Thursday, June 11th. Wall Street Zen upgraded Crescent Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Morgan Stanley downgraded Crescent Energy to an “underweight” rating in a report on Monday, August 3rd. UBS Group reissued a “buy” rating and issued a $19.00 price objective on shares of Crescent Energy in a research report on Monday. Finally, Weiss Ratings upgraded Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research note on Monday, August 17th.

Institutional Trading of Crescent Energy

Several large investors have recently bought and sold shares of the company. First Trust Advisors LP lifted its stake in shares of Crescent Energy by 29.0% in the first quarter. First Trust Advisors LP now owns 1,542,176 shares of the company’s stock worth $20,819,000 after acquiring an additional 346,242 shares in the last quarter. Kohlberg Kravis Roberts & Co. L.P. boosted its holdings in Crescent Energy by 7.1% in the first quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock valued at $386,847,000 after purchasing an additional 1,897,230 shares during the last quarter. Bank of America Corp DE grew its stake in Crescent Energy by 308.2% during the 1st quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock valued at $41,267,000 after purchasing an additional 2,307,971 shares in the last quarter. Jennison Associates LLC grew its stake in Crescent Energy by 74.1% during the 1st quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock valued at $57,435,000 after purchasing an additional 1,810,225 shares in the last quarter. Finally, McAlvany Wealth Management LLC increased its holdings in Crescent Energy by 71.6% during the 1st quarter. McAlvany Wealth Management LLC now owns 231,105 shares of the company’s stock worth $3,129,000 after purchasing an additional 96,406 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Stock Down 6.3%

Shares of NYSE:CRGY opened at $14.41 on Thursday. The stock has a 50-day simple moving average of $12.36 and a 200-day simple moving average of $12.16. The stock has a market capitalization of $4.76 billion, a P/E ratio of -288.06 and a beta of 1.45. Crescent Energy has a 1 year low of $7.68 and a 1 year high of $15.47. 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 (NYSE:CRGY) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The firm had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.26 billion. The firm’s revenue for the quarter was up 55.3% on a year-over-year basis. Equities analysts forecast that Crescent Energy will post 2.17 earnings per share for the current year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, August 17th. Crescent Energy’s dividend payout ratio is currently -960.00%.

About Crescent Energy

Crescent Energy Company (NYSE: CRGY) is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.