Crescent Energy (NYSE:CRGY) Downgraded to Hold Rating by Zacks Research

Zacks Research lowered shares of Crescent Energy (NYSE:CRGY) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

Several other research analysts have also recently issued reports on the stock. Piper Sandler increased their price target on shares of Crescent Energy from $14.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. William Blair reaffirmed an “outperform” rating on shares of Crescent Energy in a report on Friday, March 6th. Wall Street Zen cut Crescent Energy from a “buy” rating to a “hold” rating in a research report on Saturday. Wells Fargo & Company increased their target price on Crescent Energy from $14.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Finally, Raymond James Financial reduced their price target on Crescent Energy from $20.00 to $18.00 and set a “strong-buy” rating for the company in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.82.

Crescent Energy Stock Performance

NYSE:CRGY opened at $9.82 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of -13.10 and a beta of 1.37. The firm’s fifty day moving average price is $12.02 and its 200 day moving average price is $10.99. Crescent Energy has a 1-year low of $7.68 and a 1-year high of $14.29.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.14. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. Crescent Energy’s quarterly revenue was up 24.5% on a year-over-year basis. On average, sell-side analysts expect that Crescent Energy will post 1.98 EPS for the current year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Monday, May 18th. Crescent Energy’s dividend payout ratio (DPR) is currently -64.00%.

Institutional Trading of Crescent Energy

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in shares of Crescent Energy by 16.1% during the 1st quarter. Royal Bank of Canada now owns 58,900 shares of the company’s stock worth $662,000 after acquiring an additional 8,173 shares in the last quarter. AQR Capital Management LLC grew its holdings in Crescent Energy by 8.9% in the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company’s stock valued at $192,000 after purchasing an additional 1,397 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Crescent Energy by 6.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,670 shares of the company’s stock valued at $1,109,000 after purchasing an additional 6,184 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Crescent Energy by 42.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company’s stock valued at $44,616,000 after buying an additional 1,174,576 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Crescent Energy by 32.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 244,456 shares of the company’s stock valued at $2,748,000 after buying an additional 59,199 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

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.