Crescent Energy’s (CRGY) Strong-Buy Rating Reiterated at Raymond James

Raymond James reiterated their strong-buy rating on shares of Crescent Energy (NYSE:CRGY) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $18.00 target price on the stock, down from their prior target price of $23.00.

Several other brokerages have also weighed in on CRGY. Truist Financial lifted their price target on Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Williams Trading set a $16.00 price objective on Crescent Energy in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their target price on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Stephens reissued an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Monday, March 3rd. Finally, Mizuho increased their price objective on shares of Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Crescent Energy currently has an average rating of “Moderate Buy” and an average price target of $17.09.

Crescent Energy Stock Down 1.3 %

CRGY stock opened at $11.13 on Friday. Crescent Energy has a one year low of $9.88 and a one year high of $16.94. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s fifty day moving average is $13.43 and its 200 day moving average is $13.51. The firm has a market cap of $2.88 billion, a PE ratio of 17.94 and a beta of 2.18.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.31%. Crescent Energy’s dividend payout ratio (DPR) is presently -69.57%.

Insider Activity at Crescent Energy

In other news, Director Michael Duginski bought 4,000 shares of Crescent Energy stock in a transaction on Tuesday, March 11th. The shares were bought at an average cost of $10.38 per share, with a total value of $41,520.00. Following the completion of the purchase, the director now directly owns 233,607 shares of the company’s stock, valued at approximately $2,424,840.66. This trade represents a 1.74 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 24,932 shares of company stock valued at $263,219. 13.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crescent Energy

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Crescent Energy by 26.4% in the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock valued at $303,150,000 after buying an additional 4,332,831 shares during the period. American Century Companies Inc. raised its stake in shares of Crescent Energy by 12.7% in the 4th quarter. American Century Companies Inc. now owns 12,700,925 shares of the company’s stock valued at $185,561,000 after acquiring an additional 1,436,084 shares during the period. Pacer Advisors Inc. acquired a new position in shares of Crescent Energy in the 4th quarter worth approximately $170,905,000. Bank of New York Mellon Corp boosted its position in shares of Crescent Energy by 55.5% during the 4th quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock worth $135,316,000 after purchasing an additional 3,305,833 shares during the period. Finally, State Street Corp increased its holdings in Crescent Energy by 78.6% in the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after purchasing an additional 2,986,468 shares during the last quarter. Institutional investors and hedge funds 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.