Crescent Energy (NYSE:CRGY) Shares Gap Up Following Analyst Upgrade

Crescent Energy Company (NYSE:CRGY)’s stock price gapped up prior to trading on Friday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $12.25, but opened at $12.63. JPMorgan Chase & Co. now has a $19.00 price target on the stock. Crescent Energy shares last traded at $12.6390, with a volume of 2,549,047 shares changing hands.

A number of other analysts have also weighed in on the company. Mizuho upped their target price on Crescent Energy from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. BMO Capital Markets started coverage on Crescent Energy in a report on Friday, January 9th. They issued a “market perform” rating and a $10.00 price target on the stock. William Blair reissued an “outperform” rating on shares of Crescent Energy in a research report on Friday, March 6th. Jefferies Financial Group restated a “hold” rating and set a $9.00 price objective on shares of Crescent Energy in a research note on Sunday, January 25th. Finally, Evercore assumed coverage on Crescent Energy in a research report on Tuesday, December 16th. They set an “outperform” rating and a $13.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Crescent Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.78.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CRGY. Caitlin John LLC purchased a new position in Crescent Energy during the third quarter worth approximately $27,000. Nisa Investment Advisors LLC grew its holdings in Crescent Energy by 50.2% in the third quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the company’s stock valued at $33,000 after purchasing an additional 1,241 shares during the period. Fifth Third Bancorp increased its position in shares of Crescent Energy by 109.3% in the fourth quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock valued at $33,000 after buying an additional 2,039 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Crescent Energy by 134.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock valued at $33,000 after buying an additional 2,286 shares in the last quarter. Finally, Quarry LP raised its stake in shares of Crescent Energy by 303.5% during the 3rd quarter. Quarry LP now owns 4,152 shares of the company’s stock worth $37,000 after buying an additional 3,123 shares during the period. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Trading Up 4.1%

The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of 24.51 and a beta of 1.57. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.48 and a current ratio of 1.48. The company has a 50 day moving average price of $10.22 and a two-hundred day moving average price of $9.28.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.19. Crescent Energy had a net margin of 3.71% and a return on equity of 8.36%. The company had revenue of $865.05 million during the quarter, compared to analysts’ expectations of $884.64 million. On average, research analysts forecast that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 11th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Wednesday, March 11th. Crescent Energy’s payout ratio is presently 92.31%.

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.