Crescent Energy (NYSE:CRGY) Research Coverage Started at Truist Financial

Truist Financial initiated coverage on shares of Crescent Energy (NYSE:CRGY) in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm issued a buy rating and a $19.00 price target on the stock.

CRGY has been the subject of a number of other research reports. Zacks Research cut Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. 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 research report on Tuesday, August 4th. Seaport Research Partners began coverage on shares of Crescent Energy in a research note on Thursday, September 3rd. They issued a “sell” rating and a $12.00 price objective on the stock. Weiss Ratings upgraded shares of Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a report on Monday, August 17th. Finally, Wells Fargo & Company cut their target price on shares of Crescent Energy from $24.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Crescent Energy currently has an average rating of “Moderate Buy” and a consensus price target of $17.08.

Crescent Energy Price Performance

CRGY stock opened at $13.91 on Thursday. The firm has a 50 day moving average of $12.54 and a 200-day moving average of $12.19. Crescent Energy has a 12-month low of $7.68 and a 12-month high of $15.47. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00. The company has a market cap of $4.59 billion, a price-to-earnings ratio of -278.08 and a beta of 1.45.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.26 billion. The company’s quarterly revenue was up 55.3% on a year-over-year basis. As a group, equities analysts expect that Crescent Energy will post 2.17 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.5%. Crescent Energy’s dividend payout ratio (DPR) is presently -960.00%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in shares of Crescent Energy by 308.2% during the 1st quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock worth $41,267,000 after purchasing an additional 2,307,971 shares during the last quarter. Pickering Energy Partners LP raised its position in shares of Crescent Energy by 5,373.0% in the fourth quarter. Pickering Energy Partners LP now owns 2,189,194 shares of the company’s stock valued at $18,367,000 after buying an additional 2,149,194 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Crescent Energy in the second quarter valued at approximately $19,415,000. Kohlberg Kravis Roberts & Co. L.P. lifted its stake in shares of Crescent Energy by 7.1% during the first quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock valued at $386,847,000 after buying an additional 1,897,230 shares during the period. Finally, Jennison Associates LLC lifted its stake in shares of Crescent Energy by 74.1% during the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock valued at $57,435,000 after buying an additional 1,810,225 shares during the period. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Company Profile

Crescent Energy Company (NYSE: CRGY) is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.