Crescent Energy (NYSE:CRGY) Receives Average Recommendation of “Buy” from Analysts

Crescent Energy (NYSE:CRGY) has been assigned a consensus recommendation of “Buy” from the seven analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $16.38.

Several equities analysts recently weighed in on the stock. Stephens restated an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a report on Tuesday, March 5th. Wells Fargo & Company boosted their price objective on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday. Raymond James lowered their target price on Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 24th. Tudor, Pickering, Holt & Co. began coverage on Crescent Energy in a report on Wednesday, April 10th. They set a “buy” rating and a $18.00 target price on the stock. Finally, Mizuho restated a “neutral” rating and issued a $13.00 price target (down previously from $14.00) on shares of Crescent Energy in a report on Friday, March 22nd.

Crescent Energy Stock Performance

Crescent Energy stock opened at $11.02 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.82 and a quick ratio of 0.82. Crescent Energy has a 12 month low of $9.17 and a 12 month high of $14.22. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 8.54 and a beta of 2.24. The stock’s 50-day moving average is $11.29 and its 200-day moving average is $11.56.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, March 4th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.21 by $0.37. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. The firm had revenue of $657.73 million for the quarter, compared to analyst estimates of $584.12 million. Equities analysts anticipate that Crescent Energy will post 0.98 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date of this dividend was Thursday, March 14th. Crescent Energy’s dividend payout ratio is currently 37.21%.

Insider Buying and Selling at Crescent Energy

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

Hedge Funds Weigh In On Crescent Energy

Several large investors have recently modified their holdings of CRGY. Vanguard Group Inc. raised its stake in Crescent Energy by 94.1% during the third quarter. Vanguard Group Inc. now owns 7,641,227 shares of the company’s stock valued at $96,585,000 after buying an additional 3,705,389 shares in the last quarter. Jump Financial LLC lifted its stake in Crescent Energy by 1,063.1% during the third quarter. Jump Financial LLC now owns 139,104 shares of the company’s stock worth $1,758,000 after purchasing an additional 127,144 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Crescent Energy during the third quarter worth $6,320,000. Graham Capital Management L.P. boosted its holdings in Crescent Energy by 53.2% in the third quarter. Graham Capital Management L.P. now owns 77,735 shares of the company’s stock worth $983,000 after purchasing an additional 27,010 shares during the period. Finally, Barclays PLC increased its stake in Crescent Energy by 72.3% during the third quarter. Barclays PLC now owns 37,727 shares of the company’s stock valued at $477,000 after purchasing an additional 15,827 shares during the last quarter. Institutional investors own 52.11% of the company’s stock.

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 regions, including the Eagle Ford, Marcellus, Utica, and Rockies in the United States.