Wells Fargo & Company Issues Positive Forecast for Crescent Energy (NYSE:CRGY) Stock Price

Crescent Energy (NYSE:CRGY) had its price target upped by Wells Fargo & Company from $14.00 to $18.00 in a report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms also recently weighed in on CRGY. Zacks Research upgraded Crescent Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 3rd. Johnson Rice restated an “accumulate” rating and issued a $19.00 price target on shares of Crescent Energy in a research note on Wednesday, March 25th. William Blair restated an “outperform” rating on shares of Crescent Energy in a research note on Friday, March 6th. BMO Capital Markets initiated coverage on Crescent Energy in a research note on Friday, January 9th. They set a “market perform” rating and a $10.00 target price on the stock. Finally, KeyCorp increased their target price on Crescent Energy from $15.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, April 2nd. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.20.

Crescent Energy Stock Performance

Crescent Energy stock opened at $12.70 on Thursday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $4.16 billion, a P/E ratio of 24.41 and a beta of 1.55. The stock’s 50 day moving average is $12.08 and its 200 day moving average is $9.97. Crescent Energy has a twelve month low of $7.68 and a twelve month high of $14.02.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.19. The company had revenue of $865.05 million for the quarter, compared to the consensus estimate of $884.64 million. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%. On average, equities research analysts predict that Crescent Energy will post 1.52 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 11th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.8%. The ex-dividend date was Wednesday, March 11th. Crescent Energy’s dividend payout ratio (DPR) is currently 92.31%.

Institutional Trading of Crescent Energy

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Crescent Energy by 34.6% during the 4th quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock valued at $228,981,000 after purchasing an additional 7,015,982 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Crescent Energy by 8.0% in the 3rd quarter. American Century Companies Inc. now owns 19,363,386 shares of the company’s stock worth $172,721,000 after buying an additional 1,434,789 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Crescent Energy by 20.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,872,215 shares of the company’s stock worth $107,999,000 after buying an additional 2,213,352 shares during the last quarter. State Street Corp boosted its stake in shares of Crescent Energy by 27.6% in the 4th quarter. State Street Corp now owns 12,808,605 shares of the company’s stock worth $107,464,000 after buying an additional 2,767,096 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Crescent Energy by 29.0% in the 4th quarter. Geode Capital Management LLC now owns 5,592,793 shares of the company’s stock worth $46,935,000 after buying an additional 1,256,114 shares during the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

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.