JPMorgan Chase & Co. Lowers Crescent Energy (NYSE:CRGY) Price Target to $12.00

Crescent Energy (NYSE:CRGY) had its price target cut by equities researchers at JPMorgan Chase & Co. from $18.00 to $12.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 10.45% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. Stephens reiterated an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. Siebert Williams Shank initiated coverage on Crescent Energy in a research note on Monday, February 3rd. They issued a “buy” rating for the company. Truist Financial increased their target price on Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Citigroup downgraded Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. Finally, Williams Trading set a $16.00 price target on Crescent Energy in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Crescent Energy presently has a consensus rating of “Moderate Buy” and an average target price of $17.45.

Crescent Energy Price Performance

CRGY stock opened at $10.87 on Thursday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $16.94. The firm has a market cap of $2.81 billion, a P/E ratio of 17.52 and a beta of 2.18. The stock has a 50-day simple moving average of $14.38 and a 200-day simple moving average of $13.46.

Insiders Place Their Bets

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael Duginski purchased 20,000 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were bought at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the transaction, the director now directly owns 259,607 shares in the company, valued at approximately $2,744,045.99. This trade represents a 8.35 % increase in their position. The disclosure for this purchase can be found here. 13.20% of the stock is currently owned by company insiders.

Institutional Trading of Crescent Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new stake in shares of Crescent Energy during the 4th quarter worth approximately $754,000. Public Employees Retirement System of Ohio raised its position in shares of Crescent Energy by 35.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock worth $40,000 after purchasing an additional 705 shares during the period. Neo Ivy Capital Management raised its position in shares of Crescent Energy by 547.9% during the 4th quarter. Neo Ivy Capital Management now owns 254,706 shares of the company’s stock worth $3,721,000 after purchasing an additional 215,396 shares during the period. GTS Securities LLC acquired a new stake in shares of Crescent Energy during the 4th quarter worth approximately $465,000. Finally, PharVision Advisers LLC acquired a new stake in shares of Crescent Energy during the 4th quarter worth approximately $267,000. 52.11% of the stock is currently owned by institutional investors and hedge funds.

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.