Crescent Energy (NYSE:CRGY) Receives Average Rating of “Moderate Buy” from Brokerages

Crescent Energy (NYSE:CRGY) has earned a consensus rating of “Moderate Buy” from the twelve ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $17.00.

A number of equities analysts recently weighed in on CRGY shares. Wells Fargo & Company lowered their price objective on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. Siebert Williams Shank initiated coverage on shares of Crescent Energy in a report on Monday, February 3rd. They set a “buy” rating on the stock. Williams Trading set a $16.00 target price on shares of Crescent Energy in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their target price on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Finally, Stephens reiterated an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a report on Monday, March 3rd.

Crescent Energy Stock Performance

Crescent Energy stock opened at $8.55 on Thursday. The firm has a 50 day simple moving average of $12.05 and a 200-day simple moving average of $13.34. Crescent Energy has a 1-year low of $6.83 and a 1-year high of $16.94. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 13.79 and a beta of 1.88.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 5.61%. The ex-dividend date was Wednesday, March 12th. Crescent Energy’s payout ratio is currently -69.57%.

Insider Transactions at Crescent Energy

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael Duginski acquired 20,000 shares of Crescent Energy stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the purchase, the director now directly owns 259,607 shares in the company, valued at $2,744,045.99. The trade was a 8.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 24,932 shares of company stock valued at $263,219 over the last 90 days. Corporate insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRGY. Intech Investment Management LLC bought a new stake in Crescent Energy in the 3rd quarter valued at about $350,000. Charles Schwab Investment Management Inc. lifted its position in Crescent Energy by 59.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,586,265 shares of the company’s stock valued at $17,370,000 after purchasing an additional 589,665 shares during the last quarter. Citigroup Inc. lifted its position in Crescent Energy by 335.1% in the 3rd quarter. Citigroup Inc. now owns 343,940 shares of the company’s stock valued at $3,766,000 after purchasing an additional 264,883 shares during the last quarter. FMR LLC lifted its position in Crescent Energy by 191.1% in the 3rd quarter. FMR LLC now owns 657,337 shares of the company’s stock valued at $7,198,000 after purchasing an additional 431,497 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in Crescent Energy by 43.0% in the 3rd quarter. MetLife Investment Management LLC now owns 79,786 shares of the company’s stock valued at $874,000 after purchasing an additional 23,990 shares during the last quarter. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Company Profile

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.