Crescent Energy (NYSE:CRGY) Reaches New 12-Month High Following Analyst Upgrade

Crescent Energy (NYSE:CRGY)’s stock price hit a new 52-week high during trading on Monday after Truist Financial raised their price target on the stock from $18.00 to $21.00. Truist Financial currently has a buy rating on the stock. Crescent Energy traded as high as $16.33 and last traded at $16.33, with a volume of 222769 shares trading hands. The stock had previously closed at $15.86.

Several other research analysts have also weighed in on CRGY. Wells Fargo & Company cut their target price on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. JPMorgan Chase & Co. began coverage on Crescent Energy in a report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price objective on the stock. Stephens increased their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Mizuho raised their price target on shares of Crescent Energy from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Raymond James boosted their price objective on shares of Crescent Energy from $19.00 to $20.00 and gave the stock a “strong-buy” rating in a research note on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $17.10.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC increased its holdings in shares of Crescent Energy by 15,675.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock worth $35,000 after purchasing an additional 3,135 shares during the period. Amalgamated Bank lifted its stake in Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock worth $54,000 after purchasing an additional 2,272 shares during the period. GAMMA Investing LLC boosted its holdings in Crescent Energy by 48.3% during the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock valued at $73,000 after purchasing an additional 1,621 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Crescent Energy in the 2nd quarter valued at approximately $125,000. Finally, Zacks Investment Management bought a new position in shares of Crescent Energy during the 3rd quarter worth approximately $121,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Trading Up 3.5 %

The company has a 50 day moving average of $14.44 and a 200 day moving average of $12.70. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 26.48 and a beta of 2.17. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. The company had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same period in the previous year, the firm posted $0.35 earnings per share. As a group, research analysts anticipate that Crescent Energy will post 0.98 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.92%. Crescent Energy’s dividend payout ratio is 77.42%.

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.