Piper Sandler Cuts Crescent Energy (NYSE:CRGY) Price Target to $13.00

Crescent Energy (NYSE:CRGY) had its target price cut by equities researchers at Piper Sandler from $15.00 to $13.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 44.04% from the stock’s previous close.

A number of other research firms have also recently weighed in on CRGY. Weiss Ratings reissued a “sell (d)” rating on shares of Crescent Energy in a research note on Wednesday, October 8th. Mizuho set a $11.00 price objective on Crescent Energy in a research note on Tuesday, November 4th. Wells Fargo & Company cut their target price on Crescent Energy from $20.00 to $15.00 and set an “overweight” rating for the company in a research report on Friday, October 17th. Wall Street Zen lowered Crescent Energy from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Zacks Research raised shares of Crescent Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Crescent Energy has a consensus rating of “Moderate Buy” and a consensus price target of $15.11.

Crescent Energy Stock Performance

NYSE CRGY traded up $0.16 during midday trading on Tuesday, hitting $9.03. The company had a trading volume of 2,758,713 shares, compared to its average volume of 4,075,808. The firm has a fifty day simple moving average of $8.69 and a two-hundred day simple moving average of $8.93. Crescent Energy has a fifty-two week low of $6.83 and a fifty-two week high of $16.94. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.75. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -50.14 and a beta of 1.85.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, November 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $866.58 million for the quarter, compared to analysts’ expectations of $887.54 million. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%. Equities analysts forecast that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Crescent Energy

Institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. lifted its stake in Crescent Energy by 8.0% in the third quarter. American Century Companies Inc. now owns 19,363,386 shares of the company’s stock valued at $172,721,000 after buying an additional 1,434,789 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Crescent Energy by 13.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 10,658,863 shares of the company’s stock valued at $95,080,000 after acquiring an additional 1,243,702 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Crescent Energy by 4.8% in the 2nd quarter. Geode Capital Management LLC now owns 4,270,974 shares of the company’s stock valued at $36,738,000 after acquiring an additional 195,385 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Crescent Energy by 42.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company’s stock valued at $44,616,000 after acquiring an additional 1,174,576 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Crescent Energy by 11.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,215,262 shares of the company’s stock valued at $24,900,000 after purchasing an additional 230,442 shares during the period. 52.11% of the stock is owned by institutional investors and hedge funds.

About Crescent Energy

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.