Crescent Energy (NYSE:CRGY) Given Average Recommendation of “Buy” by Brokerages

Crescent Energy (NYSE:CRGY) has received a consensus recommendation of “Buy” from the eleven research firms that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $17.20.

A number of research analysts have issued reports on the stock. Pickering Energy Partners initiated coverage on shares of Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating on the stock. Truist Financial increased their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 13th. Mizuho lifted their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday. Stephens increased their price target on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Evercore ISI restated an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a research report on Tuesday, September 24th.

Crescent Energy Price Performance

Shares of CRGY stock opened at $16.66 on Friday. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $16.94. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The firm’s 50 day moving average is $14.70 and its 200-day moving average is $12.82. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 26.86 and a beta of 2.17.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.11. The firm had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. During the same quarter in the prior year, the business earned $0.35 EPS. Sell-side analysts forecast that Crescent Energy will post 0.9 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date was Monday, November 18th. Crescent Energy’s dividend payout ratio is currently 77.42%.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp raised its position in Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after acquiring an additional 2,986,468 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Crescent Energy by 286.7% in the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after purchasing an additional 2,098,303 shares during the period. Wellington Management Group LLP acquired a new stake in Crescent Energy in the 3rd quarter valued at about $21,872,000. Riposte Capital LLC acquired a new stake in Crescent Energy in the 3rd quarter valued at about $18,232,000. Finally, Kore Advisors LP bought a new position in Crescent Energy during the third quarter worth about $14,652,000. 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.