Crescent Energy (NYSE:CRGY) Price Target Lowered to $20.00 at Wells Fargo & Company

Crescent Energy (NYSE:CRGY) had its target price reduced by equities research analysts at Wells Fargo & Company from $21.00 to $20.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 79.05% from the company’s current price.

A number of other research firms have also recently commented on CRGY. JPMorgan Chase & Co. assumed coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 target price on the stock. Wolfe Research assumed coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 target price on the stock. KeyCorp started coverage on shares of Crescent Energy in a research report on Thursday, June 27th. They issued an “overweight” rating and a $16.00 target price on the stock. Mizuho cut their price target on shares of Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Truist Financial cut their price target on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $16.20.

Crescent Energy Price Performance

CRGY traded up $0.22 on Tuesday, hitting $11.17. 2,001,566 shares of the company’s stock were exchanged, compared to its average volume of 2,101,296. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $13.85. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average price of $11.21 and a 200-day moving average price of $11.60. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -55.85 and a beta of 2.26.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.05. The firm had revenue of $653.28 million for the quarter, compared to analysts’ expectations of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. As a group, equities analysts anticipate that Crescent Energy will post 1.5 earnings per share for the current year.

Insider Activity

In related news, Director Michael Duginski purchased 9,344 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average cost of $10.62 per share, with a total value of $99,233.28. Following the completion of the acquisition, the director now directly owns 201,081 shares in the company, valued at $2,135,480.22. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Over the last ninety days, insiders bought 12,294 shares of company stock valued at $131,297. 13.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Crescent Energy

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Crescent Energy by 13.9% in the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock worth $110,775,000 after acquiring an additional 1,137,367 shares during the period. American Century Companies Inc. boosted its stake in shares of Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after buying an additional 6,348,598 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Crescent Energy by 22,968.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock valued at $48,328,000 after buying an additional 3,642,584 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Crescent Energy by 286.7% during the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after buying an additional 2,098,303 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Crescent Energy by 85.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company’s stock valued at $31,477,000 after buying an additional 1,226,027 shares during the last quarter. 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.