Crescent Energy (NYSE:CRGY) Receives $16.29 Average PT from Analysts

Crescent Energy (NYSE:CRGY) has been assigned an average rating of “Buy” from the six brokerages that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $16.29.

A number of brokerages have commented on CRGY. TheStreet raised shares of Crescent Energy from a “d” rating to a “c-” rating in a research report on Wednesday, February 14th. Evercore ISI began coverage on shares of Crescent Energy in a research report on Friday, December 1st. They issued an “outperform” rating and a $16.00 price objective on the stock. Raymond James dropped their price objective on shares of Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. Stephens reissued an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a research report on Tuesday, March 5th. Finally, Mizuho reissued a “neutral” rating and issued a $13.00 price objective (down from $14.00) on shares of Crescent Energy in a research report on Friday, March 22nd.

Crescent Energy Stock Performance

Shares of CRGY stock opened at $11.90 on Friday. The firm’s 50 day moving average price is $11.12 and its 200-day moving average price is $11.63. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.82 and a current ratio of 0.82. Crescent Energy has a one year low of $9.17 and a one year high of $14.22. The firm has a market cap of $2.14 billion, a P/E ratio of 9.22, a P/E/G ratio of 0.87 and a beta of 2.23.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, March 4th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.37. The company had revenue of $657.73 million for the quarter, compared to analyst estimates of $584.12 million. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. As a group, equities research analysts predict that Crescent Energy will post 1.28 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend was Thursday, March 14th. Crescent Energy’s dividend payout ratio (DPR) is presently 37.21%.

Insider Transactions at Crescent Energy

In other news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $9.87, for a total value of $136,206,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Crescent Energy

Hedge funds have recently added to or reduced their stakes in the business. Virtus Fund Advisers LLC purchased a new position in Crescent Energy during the 4th quarter valued at about $62,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Crescent Energy during the 2nd quarter valued at about $64,000. Amalgamated Bank increased its holdings in Crescent Energy by 31.1% during the 4th quarter. Amalgamated Bank now owns 6,854 shares of the company’s stock valued at $82,000 after acquiring an additional 1,626 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Crescent Energy by 227.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 6,591 shares of the company’s stock valued at $88,000 after acquiring an additional 4,577 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of Crescent Energy by 318.3% during the second quarter. Royal Bank of Canada now owns 10,182 shares of the company’s stock worth $106,000 after buying an additional 7,748 shares in the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Energy

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven basins, including the Eagle Ford, Rockies, Barnett, Permian, and Mid-Con in the United States.