Raymond James Financial Cuts Crescent Energy (NYSE:CRGY) Price Target to $18.00

Crescent Energy (NYSE:CRGY) had its price target cut by research analysts at Raymond James Financial from $20.00 to $18.00 in a report released on Thursday,Benzinga reports. The firm presently has a “strong-buy” rating on the stock. Raymond James Financial’s price objective suggests a potential upside of 73.66% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. KeyCorp reissued an “overweight” rating and set a $19.00 price target on shares of Crescent Energy in a research report on Thursday, June 11th. Stephens reiterated an “overweight” rating and set a $18.00 target price on shares of Crescent Energy in a report on Tuesday, May 5th. Weiss Ratings lowered shares of Crescent Energy from a “hold (c)” rating to a “sell (d)” rating in a report on Wednesday, May 6th. Wells Fargo & Company increased their price objective on shares of Crescent Energy from $14.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Finally, Wall Street Zen raised shares of Crescent Energy from a “hold” rating to a “buy” rating in a research note on Sunday, May 10th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.82.

Crescent Energy Trading Down 3.8%

CRGY stock traded down $0.41 during trading on Thursday, hitting $10.37. The company had a trading volume of 3,621,495 shares, compared to its average volume of 7,440,553. Crescent Energy has a 52-week low of $7.68 and a 52-week high of $14.29. The company has a 50 day simple moving average of $12.45 and a 200-day simple moving average of $10.96. The firm has a market capitalization of $3.42 billion, a P/E ratio of -13.82 and a beta of 1.37. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, May 4th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.14. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The company’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same period last year, the company posted $0.57 earnings per share. As a group, research analysts forecast that Crescent Energy will post 1.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Crescent Energy

Several institutional investors and hedge funds have recently bought and sold shares of CRGY. Strs Ohio purchased a new stake in shares of Crescent Energy during the 1st quarter valued at $32,000. Caitlin John LLC purchased a new stake in Crescent Energy during the third quarter valued at about $27,000. Fifth Third Bancorp increased its stake in Crescent Energy by 109.3% during the fourth quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock worth $33,000 after acquiring an additional 2,039 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of Crescent Energy by 134.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock worth $33,000 after purchasing an additional 2,286 shares during the period. Finally, Quarry LP raised its holdings in shares of Crescent Energy by 303.5% in the 3rd quarter. Quarry LP now owns 4,152 shares of the company’s stock worth $37,000 after purchasing an additional 3,123 shares during the period. Institutional investors and hedge funds 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.