Wells Fargo & Company Has Lowered Expectations for Crescent Energy (NYSE:CRGY) Stock Price

Crescent Energy (NYSE:CRGY) had its target price decreased by equities research analysts at Wells Fargo & Company from $20.00 to $19.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 100.55% from the stock’s previous close.

CRGY has been the subject of several other reports. Mizuho decreased their price target on shares of Crescent Energy from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, May 13th. KeyCorp cut their target price on shares of Crescent Energy from $18.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. JPMorgan Chase & Co. dropped their price objective on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Citigroup downgraded Crescent Energy to a “reduce” rating in a research note on Wednesday, March 5th. Finally, Raymond James reissued a “strong-buy” rating and issued a $18.00 price objective (down previously from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Crescent Energy presently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Crescent Energy Price Performance

Shares of Crescent Energy stock traded down $0.31 on Monday, reaching $9.47. 1,030,574 shares of the stock were exchanged, compared to its average volume of 3,393,356. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $2.42 billion, a PE ratio of 15.27 and a beta of 1.75. The firm’s 50 day moving average is $8.60 and its 200-day moving average is $11.89. Crescent Energy has a one year low of $6.83 and a one year high of $16.94.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.09. The company had revenue of $950.17 million for the quarter, compared to analyst estimates of $937.55 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. As a group, analysts anticipate that Crescent Energy will post 0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System purchased a new position in Crescent Energy in the fourth quarter worth $1,233,000. New York State Teachers Retirement System purchased a new position in shares of Crescent Energy in the 4th quarter worth about $798,000. Rhumbline Advisers boosted its holdings in shares of Crescent Energy by 126.2% in the 4th quarter. Rhumbline Advisers now owns 485,475 shares of the company’s stock worth $7,093,000 after purchasing an additional 270,859 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Crescent Energy by 7,793.7% during the 4th quarter. Principal Financial Group Inc. now owns 847,549 shares of the company’s stock valued at $12,383,000 after purchasing an additional 836,812 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new position in shares of Crescent Energy during the 4th quarter valued at about $248,000. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Company Profile

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.