Crescent Energy (NYSE:CRGY) Upgraded by Zacks Research to Strong-Buy Rating

Crescent Energy (NYSE:CRGY) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

CRGY has been the topic of a number of other reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Crescent Energy in a research note on Wednesday, October 8th. Piper Sandler raised their price objective on shares of Crescent Energy from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Wells Fargo & Company dropped their price objective on shares of Crescent Energy from $20.00 to $15.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. Wall Street Zen raised shares of Crescent Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, William Blair assumed coverage on shares of Crescent Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Crescent Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.22.

Crescent Energy Trading Up 0.9%

NYSE:CRGY opened at $8.07 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -44.81 and a beta of 1.89. The firm has a fifty day simple moving average of $8.95 and a two-hundred day simple moving average of $8.85. Crescent Energy has a 12 month low of $6.83 and a 12 month high of $16.94.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.20. The business had revenue of $897.98 million during the quarter, compared to analysts’ expectations of $868.34 million. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. Analysts expect that Crescent Energy will post 0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. American Century Companies Inc. lifted its position 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 in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Crescent Energy by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 9,435,708 shares of the company’s stock valued at $106,057,000 after purchasing an additional 173,832 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Crescent Energy by 3.3% during the first quarter. Jennison Associates LLC now owns 4,944,038 shares of the company’s stock valued at $55,571,000 after purchasing an additional 158,712 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Crescent Energy by 4.8% during the second quarter. Geode Capital Management LLC now owns 4,270,974 shares of the company’s stock valued at $36,738,000 after purchasing an additional 195,385 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Crescent Energy by 42.0% during the first quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company’s stock valued at $44,616,000 after purchasing an additional 1,174,576 shares in the last quarter. 52.11% of the stock is owned by 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.