Crescent Energy (NYSE:CRGY) Shares Up 5.8% After Analyst Upgrade

Shares of Crescent Energy (NYSE:CRGY) were up 5.8% on Thursday after Raymond James raised their price target on the stock from $19.00 to $20.00. Raymond James currently has a strong-buy rating on the stock. Crescent Energy traded as high as $15.41 and last traded at $15.40. Approximately 498,066 shares were traded during trading, a decline of 79% from the average daily volume of 2,334,258 shares. The stock had previously closed at $14.56.

A number of other analysts have also recently commented on CRGY. Pickering Energy Partners assumed coverage on Crescent Energy in a research report on Monday, October 28th. They issued an “outperform” rating on the stock. Truist Financial cut their target price on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Mizuho upped their price target on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. began coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective for the company. Finally, Evercore ISI reiterated an “outperform” rating and issued a $17.00 target price on shares of Crescent Energy in a research note on Tuesday, September 24th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $16.30.

Institutional Trading of Crescent Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. American Century Companies Inc. raised its stake in 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 purchasing an additional 6,348,598 shares during the period. State Street Corp grew its holdings in Crescent Energy by 78.6% during the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after buying an additional 2,986,468 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Crescent Energy by 286.7% in the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock worth $33,537,000 after buying an additional 2,098,303 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Crescent Energy during the third quarter worth $21,872,000. Finally, Riposte Capital LLC purchased a new stake in shares of Crescent Energy in the third quarter worth about $18,232,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Price Performance

The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $3.47 billion, a PE ratio of 24.48 and a beta of 2.19. The firm has a fifty day simple moving average of $12.58 and a two-hundred day simple moving average of $12.05.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The firm had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. During the same quarter last year, the firm earned $0.35 EPS. Equities analysts predict that Crescent Energy will post 0.97 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Monday, November 18th. Crescent Energy’s payout ratio is presently 77.42%.

Crescent Energy Company Profile

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.