Crescent Energy (NYSE:CRGY) Earns Strong-Buy Rating from Raymond James

Crescent Energy (NYSE:CRGY)‘s stock had its “strong-buy” rating restated by analysts at Raymond James in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $18.00 target price on the stock, down from their previous target price of $23.00. Raymond James’ price objective suggests a potential upside of 61.80% from the company’s previous close.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered their price target on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Williams Trading set a $16.00 target price on Crescent Energy in a report on Wednesday, March 5th. Siebert Williams Shank began coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They issued a “buy” rating for the company. Truist Financial boosted their price target on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Wells Fargo & Company lowered their price objective on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.09.

Crescent Energy Stock Performance

Shares of NYSE:CRGY opened at $11.13 on Friday. 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 company has a 50-day moving average price of $13.43 and a 200-day moving average price of $13.49. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 17.94 and a beta of 2.18. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $16.94.

Insider Activity at Crescent Energy

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy stock in a transaction on Monday, March 10th. The stock was sold at an average price of $9.91, for a total value of $29,221,844.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael Duginski purchased 4,000 shares of the stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average cost of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the acquisition, the director now owns 233,607 shares of the company’s stock, valued at approximately $2,424,840.66. This represents a 1.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 24,932 shares of company stock valued at $263,219. 13.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio boosted its holdings 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 valued at $40,000 after acquiring an additional 705 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Crescent Energy by 206.7% during the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after purchasing an additional 2,377 shares during the period. Quarry LP boosted its holdings in Crescent Energy by 263.4% in the fourth quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $64,000 after purchasing an additional 3,155 shares during the last quarter. GAMMA Investing LLC grew its position in Crescent Energy by 48.3% in the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after purchasing an additional 1,621 shares during the period. Finally, Zacks Investment Management purchased a new stake in Crescent Energy during the 3rd quarter valued at $121,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

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.