Crescent Energy (NYSE:CRGY) Rating Increased to Strong-Buy at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Crescent Energy (NYSE:CRGY) to a strong-buy rating in a research note issued to investors on Wednesday morning,Zacks reports.

Other equities analysts have also recently issued research reports about the company. Zacks Research cut Crescent Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Raymond James Financial restated a “strong-buy” rating and set a $19.00 target price on shares of Crescent Energy in a report on Monday, August 3rd. Seaport Research Partners began coverage on shares of Crescent Energy in a research note on Thursday. They issued a “sell” rating on the stock. Morgan Stanley downgraded shares of Crescent Energy to an “underweight” rating in a research report on Monday, August 3rd. Finally, KeyCorp restated an “overweight” rating and set a $19.00 price objective on shares of Crescent Energy in a report on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.92.

Crescent Energy Price Performance

Shares of CRGY stock opened at $14.29 on Wednesday. Crescent Energy has a 12-month low of $7.68 and a 12-month high of $14.54. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of -285.70 and a beta of 1.45. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00. The firm has a fifty day moving average of $11.42 and a 200-day moving average of $11.88.

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

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, August 17th. Crescent Energy’s payout ratio is currently -960.00%.

Institutional Trading of Crescent Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Corient Private Wealth LP grew its stake in Crescent Energy by 856.5% in the second quarter. Corient Private Wealth LP now owns 229,407 shares of the company’s stock valued at $2,253,000 after purchasing an additional 205,423 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Crescent Energy during the 2nd quarter worth approximately $1,762,000. California State Teachers Retirement System boosted its holdings in shares of Crescent Energy by 863.7% in the 2nd quarter. California State Teachers Retirement System now owns 2,790,569 shares of the company’s stock valued at $284,172,000 after buying an additional 2,501,011 shares during the last quarter. Readystate Asset Management LP grew its stake in shares of Crescent Energy by 275.4% in the second quarter. Readystate Asset Management LP now owns 619,287 shares of the company’s stock valued at $6,081,000 after buying an additional 454,308 shares in the last quarter. Finally, Legacy Wealth Managment LLC ID grew its stake in shares of Crescent Energy by 180.1% in the second quarter. Legacy Wealth Managment LLC ID now owns 26,453 shares of the company’s stock valued at $260,000 after buying an additional 17,009 shares in the last quarter. Institutional investors own 52.11% of the company’s stock.

About Crescent Energy

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.