Crescent Energy (NYSE:CRGY) Coverage Initiated at Pickering Energy Partners

Equities research analysts at Pickering Energy Partners initiated coverage on shares of Crescent Energy (NYSE:CRGY) in a report issued on Monday, MarketBeat reports. The firm set an “outperform” rating on the stock.

A number of other research firms also recently commented on CRGY. Wells Fargo & Company reduced their price objective on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Evercore ISI reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of Crescent Energy in a report on Tuesday, September 24th. Mizuho lowered their target price 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. Stephens reissued an “overweight” rating and set a $20.00 target price on shares of Crescent Energy in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $15.70.

Crescent Energy Stock Performance

Shares of NYSE CRGY opened at $12.13 on Monday. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $13.85. The company has a 50-day simple moving average of $11.76 and a 200-day simple moving average of $11.74. The company has a market cap of $2.15 billion, a PE ratio of -60.65 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87.

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 analysts’ consensus estimates of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The firm had revenue of $653.28 million for the quarter, compared to analysts’ expectations of $619.00 million. On average, equities analysts anticipate that Crescent Energy will post 1.27 earnings per share for the current year.

Insider Activity

In other Crescent Energy news, Director Michael Duginski acquired 9,344 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the transaction, the director now owns 201,081 shares of the company’s stock, valued at $2,135,480.22. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders purchased a total of 12,294 shares of company stock valued at $131,297 in the last ninety days. 13.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Crescent Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. lifted its holdings in Crescent Energy by 135.1% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 36,934 shares of the company’s stock valued at $404,000 after purchasing an additional 21,221 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Crescent Energy by 15,675.0% in the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock worth $35,000 after purchasing an additional 3,135 shares during the period. Montgomery Investment Management Inc. bought a new position in shares of Crescent Energy in the third quarter worth $272,000. Koss Olinger Consulting LLC bought a new position in Crescent Energy in the third quarter valued at about $533,000. Finally, nVerses Capital LLC bought a new position in Crescent Energy in the third quarter valued at about $206,000. 52.11% of the stock is owned by institutional investors.

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.