Brokerages Set Crescent Energy Company (NYSE:CRGY) Price Target at $16.33

Shares of Crescent Energy Company (NYSE:CRGY) have been assigned an average recommendation of “Moderate Buy” from the sixteen brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $16.3333.

CRGY has been the subject of a number of research analyst reports. Morgan Stanley downgraded shares of Crescent Energy to an “underweight” rating in a report on Monday, August 3rd. Stephens boosted their price objective on shares of Crescent Energy from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Zacks Research lowered shares of Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $19.00 target price on shares of Crescent Energy in a report on Monday, August 3rd. Finally, UBS Group lifted their price target on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, August 6th.

Crescent Energy Stock Up 1.9%

Crescent Energy stock opened at $14.07 on Friday. The stock’s 50 day moving average price is $10.91 and its 200 day moving average price is $11.65. Crescent Energy has a 1-year low of $7.68 and a 1-year high of $14.29. The company has a market cap of $4.65 billion, a PE ratio of -281.34 and a beta of 1.41. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.94 and a quick ratio of 0.94.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.26 billion. The company’s revenue was up 55.3% compared to the same quarter last year. On average, sell-side analysts predict that Crescent Energy will post 2.07 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, August 17th. Crescent Energy’s dividend payout ratio (DPR) is presently -960.00%.

Institutional Trading of Crescent Energy

Institutional investors have recently bought and sold shares of the company. Strs Ohio acquired a new stake in Crescent Energy in the first quarter valued at $32,000. Fifth Third Bancorp raised its stake in shares of Crescent Energy by 109.3% during the 4th quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock worth $33,000 after buying an additional 2,039 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Crescent Energy by 134.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock worth $33,000 after acquiring an additional 2,286 shares during the last quarter. Quarry LP raised its position in Crescent Energy by 303.5% during the third quarter. Quarry LP now owns 4,152 shares of the company’s stock worth $37,000 after acquiring an additional 3,123 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Crescent Energy by 42.3% in the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock valued at $40,000 after purchasing an additional 1,401 shares in the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Company Profile

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.