Crescent Energy (NYSE:CRGY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Crescent Energy (NYSE:CRGY) from a buy rating to a strong-buy rating in a report issued on Saturday,Wall Street Zen reports.

Several other analysts also recently weighed in on CRGY. Zacks Research downgraded Crescent Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Morgan Stanley cut Crescent Energy to an “underweight” rating in a research note on Monday, August 3rd. Wells Fargo & Company decreased their target price on Crescent Energy from $24.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, September 2nd. UBS Group reiterated a “buy” rating and issued a $19.00 target price on shares of Crescent Energy in a research report on Monday, September 14th. Finally, Truist Financial assumed coverage on shares of Crescent Energy in a report on Thursday, September 17th. They issued a “buy” rating and a $19.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.08.

Crescent Energy Trading Down 4.7%

NYSE CRGY opened at $13.25 on Friday. Crescent Energy has a 12-month low of $7.68 and a 12-month high of $15.47. The company has a fifty day simple moving average of $12.61 and a two-hundred day simple moving average of $12.20. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00. The stock has a market cap of $4.38 billion, a P/E ratio of -264.95 and a beta of 1.45.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.26 billion. The firm’s revenue for the quarter was up 55.3% compared to the same quarter last year. On average, analysts forecast that Crescent Energy will post 2.17 earnings per share for the current year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 17th. Crescent Energy’s dividend payout ratio (DPR) is currently -960.00%.

Hedge Funds Weigh In On Crescent Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Strs Ohio acquired a new stake in Crescent Energy during the first quarter worth about $32,000. Nomura Asset Management Co. Ltd. boosted its position in Crescent Energy by 134.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock worth $33,000 after purchasing an additional 2,286 shares in the last quarter. Allworth Financial LP grew its stake in shares of Crescent Energy by 42.3% during the 4th quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock worth $40,000 after purchasing an additional 1,401 shares during the period. NFSG Corp grew its stake in shares of Crescent Energy by 188.0% during the 1st quarter. NFSG Corp now owns 6,364 shares of the company’s stock worth $86,000 after purchasing an additional 4,154 shares during the period. Finally, Merit Financial Group LLC purchased a new position in shares of Crescent Energy during the 2nd quarter valued at approximately $101,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

About Crescent Energy

Crescent Energy Company (NYSE: CRGY) is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.