Crescent Energy (NYSE:CRGY) Given Outperform Rating at Evercore ISI

Crescent Energy (NYSE:CRGY)‘s stock had its “outperform” rating reiterated by Evercore ISI in a research note issued on Tuesday, Benzinga reports. They currently have a $17.00 price objective on the stock. Evercore ISI’s price objective points to a potential upside of 48.73% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company boosted their price objective on shares of Crescent Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target for the company. Truist Financial dropped their price objective on Crescent Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Mizuho reduced their target price on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Finally, Wolfe Research started coverage on shares of Crescent Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Crescent Energy currently has an average rating of “Buy” and an average target price of $16.36.

Crescent Energy Price Performance

CRGY opened at $11.43 on Tuesday. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $13.85. The company has a 50 day moving average of $11.31 and a two-hundred day moving average of $11.59. The company has a market cap of $2.03 billion, a P/E ratio of -57.15 and a beta of 2.26. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13.

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, topping 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 during the quarter, compared to analysts’ expectations of $619.00 million. On average, analysts expect that Crescent Energy will post 1.31 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Michael Duginski bought 9,344 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was bought at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the purchase, the director now directly owns 201,081 shares in the company, valued at approximately $2,135,480.22. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have acquired a total of 12,294 shares of company stock worth $131,297 over the last quarter. 13.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crescent Energy

Several institutional investors have recently modified their holdings of CRGY. CWM LLC increased its stake in shares of Crescent Energy by 618.9% in the second quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after purchasing an additional 1,832 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Crescent Energy in the 2nd quarter valued at approximately $32,000. Spirit of America Management Corp NY bought a new stake in Crescent Energy during the 2nd quarter valued at $36,000. GAMMA Investing LLC boosted its position in Crescent Energy by 186.5% during the 1st quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock worth $54,000 after acquiring an additional 2,934 shares during the period. Finally, Equitec Proprietary Markets LLC bought a new position in shares of Crescent Energy in the second quarter worth $107,000. Institutional investors own 52.11% of the company’s stock.

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.