Crescent Energy (NYSE:CRGY) Lowered to Hold Rating by Zacks Research

Crescent Energy (NYSE:CRGY) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

A number of other brokerages have also recently issued reports on CRGY. Mizuho reduced their price objective on Crescent Energy from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. Wall Street Zen raised Crescent Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Piper Sandler raised their target price on Crescent Energy from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Thursday, July 17th. Raymond James Financial reissued a “strong-buy” rating and issued a $14.00 target price (down from $16.00) on shares of Crescent Energy in a research note on Friday. Finally, 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 note on Monday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.70.

Crescent Energy Stock Up 5.9%

Shares of NYSE:CRGY opened at $9.9320 on Thursday. The stock’s 50-day moving average price is $9.13 and its 200-day moving average price is $9.89. Crescent Energy has a 12-month low of $6.83 and a 12-month high of $16.94. The stock has a market capitalization of $2.53 billion, a P/E ratio of -55.18 and a beta of 1.86. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.75.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.20. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%.The firm had revenue of $897.98 million for the quarter, compared to analysts’ expectations of $868.34 million. On average, equities analysts anticipate that Crescent Energy will post 0.77 earnings per share for the current year.

Hedge Funds Weigh In On Crescent Energy

Several large investors have recently made changes to their positions in CRGY. American Century Companies Inc. lifted its holdings in shares of Crescent Energy by 28.4% during the second 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 during the last quarter. ArrowMark Colorado Holdings LLC purchased a new position in shares of Crescent Energy during the fourth quarter valued at approximately $36,593,000. Nuveen LLC purchased a new position in shares of Crescent Energy during the first quarter valued at approximately $21,782,000. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Crescent Energy by 6,700.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,700,000 shares of the company’s stock valued at $24,837,000 after purchasing an additional 1,675,000 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in shares of Crescent Energy by 452.3% during the first quarter. Alyeska Investment Group L.P. now owns 1,585,185 shares of the company’s stock valued at $17,817,000 after purchasing an additional 1,298,155 shares during the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

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.