Crescent Energy (NYSE:CRGY) Price Target Raised to $14.00
by Jessica Moore · The Cerbat GemCrescent Energy (NYSE:CRGY – Free Report) had its target price upped by Wells Fargo & Company from $13.00 to $14.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.
Several other research firms also recently weighed in on CRGY. Mizuho lifted their target price on Crescent Energy from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. Jefferies Financial Group restated a “hold” rating and issued a $9.00 price target on shares of Crescent Energy in a report on Sunday, January 25th. Weiss Ratings upgraded shares of Crescent Energy from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, February 27th. Evercore assumed coverage on shares of Crescent Energy in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $13.00 price objective for the company. Finally, Zacks Research upgraded shares of Crescent Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.13.
Get Our Latest Stock Report on Crescent Energy
Crescent Energy Price Performance
Shares of CRGY stock opened at $12.25 on Tuesday. Crescent Energy has a 52-week low of $6.83 and a 52-week high of $12.65. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a market capitalization of $4.02 billion, a P/E ratio of 23.55 and a beta of 1.57. The stock has a 50 day moving average price of $10.22 and a 200 day moving average price of $9.28.
Crescent Energy (NYSE:CRGY – Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.19. The company had revenue of $865.05 million during the quarter, compared to analysts’ expectations of $884.64 million. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%. As a group, sell-side analysts predict that Crescent Energy will post 0.77 earnings per share for the current year.
Crescent Energy Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 11th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Wednesday, March 11th. Crescent Energy’s dividend payout ratio is currently 92.31%.
Hedge Funds Weigh In On Crescent Energy
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Crescent Energy by 34.6% during the 4th quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock worth $228,981,000 after acquiring an additional 7,015,982 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Crescent Energy by 28.4% in the 2nd quarter. American Century Companies Inc. now owns 17,928,597 shares of the company’s stock valued at $154,186,000 after purchasing an additional 3,960,998 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Crescent Energy by 775.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,303,260 shares of the company’s stock valued at $27,714,000 after purchasing an additional 2,925,780 shares in the last quarter. State Street Corp lifted its position in shares of Crescent Energy by 27.6% in the 4th quarter. State Street Corp now owns 12,808,605 shares of the company’s stock worth $107,464,000 after purchasing an additional 2,767,096 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Crescent Energy by 77.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,105,558 shares of the company’s stock worth $42,836,000 after purchasing an additional 2,234,324 shares during the period. Hedge funds and other institutional investors own 52.11% of the company’s stock.
About Crescent Energy
Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.
Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.