Crescent Energy Company (NYSE:CRGY) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Shares of Crescent Energy Company (NYSE:CRGY) have been given a consensus recommendation of “Moderate Buy” by the seventeen analysts that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, ten have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $17.08.

Several research firms recently commented on CRGY. Wall Street Zen raised shares of Crescent Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 19th. Raymond James Financial restated a “strong-buy” rating on shares of Crescent Energy in a research report on Thursday, September 10th. Wells Fargo & Company decreased their price target on shares of Crescent Energy from $24.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Seaport Research Partners assumed coverage on Crescent Energy in a report on Thursday, September 3rd. They issued a “sell” rating and a $12.00 price target on the stock. Finally, Weiss Ratings upgraded Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, August 17th.

Key Headlines Impacting Crescent Energy

Here are the key news stories impacting Crescent Energy this week:

• Positive Sentiment: Crescent agreed to acquire Devon Energy’s Eagle Ford assets for an estimated net purchase price of approximately $3.85 billion, expanding its position in the basin with adjacent, Tier 1 inventory. The assets are expected to add roughly 68,000 barrels of oil equivalent per day and could generate about $140 million in annual synergies. Crescent Energy to Acquire Eagle Ford Assets from Devon Energy
• Positive Sentiment: The transaction significantly increases Crescent’s operating scale and could improve drilling efficiencies, infrastructure utilization and long-term production growth by concentrating operations in its core Eagle Ford footprint. Crescent Energy’s Devon Deal Strengthens Its Eagle Ford Dominance
• Neutral Sentiment: Crescent launched a $1 billion public offering to help fund the Devon acquisition and subsequently priced 80 million Class A shares at $12.50 each. The offering provides transaction funding but materially increases the company’s share count. Crescent Energy Announces Pricing of Public Offering
• Negative Sentiment: The equity issuance is dilutive to existing shareholders and was priced below recent trading levels, creating near-term selling pressure. Investors must also assess the substantial capital commitment, integration risks and potential balance-sheet strain associated with the acquisition. Crescent Energy Prices 80M Share Offering

Institutional Investors Weigh In On Crescent Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE lifted its holdings in shares of Crescent Energy by 308.2% during the first quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock valued at $41,267,000 after purchasing an additional 2,307,971 shares during the last quarter. Pickering Energy Partners LP boosted its position in shares of Crescent Energy by 5,373.0% in the 4th quarter. Pickering Energy Partners LP now owns 2,189,194 shares of the company’s stock valued at $18,367,000 after purchasing an additional 2,149,194 shares during the period. Assenagon Asset Management S.A. purchased a new position in Crescent Energy in the 2nd quarter worth about $19,415,000. Kohlberg Kravis Roberts & Co. L.P. increased its stake in Crescent Energy by 7.1% in the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock worth $386,847,000 after purchasing an additional 1,897,230 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in Crescent Energy by 74.1% during the 1st quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock worth $57,435,000 after buying an additional 1,810,225 shares during the period. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $12.68 on Monday. Crescent Energy has a twelve month low of $7.68 and a twelve month high of $15.47. 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 company has a market capitalization of $4.19 billion, a price-to-earnings ratio of -253.63 and a beta of 1.60. The firm has a 50-day moving average of $13.27 and a two-hundred day moving average of $12.31.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.26 billion. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The company’s revenue for the quarter was up 55.3% on a year-over-year basis. As a group, analysts expect that Crescent Energy will post 2.56 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, August 17th. Crescent Energy’s payout ratio is presently -960.00%.

About Crescent Energy

Crescent Energy Company is an independent, U.S.-based energy company engaged in the acquisition, development, and operation of oil and natural gas properties. Its production portfolio includes crude oil, natural gas, and natural gas liquids, with an emphasis on established assets that offer ongoing development opportunities.

The company’s operations are concentrated in several major U.S. onshore producing regions, including the Eagle Ford, the Uinta Basin, and other assets across the Rocky Mountain and central United States.