Crescent Energy (NYSE:CRGY) Upgraded by Wall Street Zen to Strong-Buy Rating

Wall Street Zen upgraded shares of Crescent Energy (NYSE:CRGY) from a buy rating to a strong-buy rating in a report published on Saturday morning,Wall Street Zen reports.

Other equities research analysts have also issued research reports about the stock. Zacks Research lowered shares of Crescent Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. KeyCorp restated an “overweight” rating and set a $19.00 price objective on shares of Crescent Energy in a research note on Thursday, June 11th. Truist Financial started coverage on Crescent Energy in a report on Thursday. They set a “buy” rating and a $19.00 target price on the stock. UBS Group reiterated a “buy” rating and issued a $19.00 target price on shares of Crescent Energy in a research report on Monday, September 14th. Finally, Stephens boosted their price target on Crescent Energy from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Crescent Energy presently has a consensus rating of “Moderate Buy” and an average target price of $17.08.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $13.91 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00. Crescent Energy has a fifty-two week low of $7.68 and a fifty-two week high of $15.47. The business has a 50 day moving average price of $12.54 and a two-hundred day moving average price of $12.19. The firm has a market cap of $4.59 billion, a PE ratio of -278.08 and a beta of 1.45.

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

Crescent Energy Announces Dividend

The firm 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 was Monday, August 17th. This represents a $0.48 annualized dividend and a yield of 3.5%. Crescent Energy’s dividend payout ratio is -960.00%.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Kohlberg Kravis Roberts & Co. L.P. lifted its holdings in shares of Crescent Energy by 7.1% in the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock worth $386,847,000 after purchasing an additional 1,897,230 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Crescent Energy by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,171,033 shares of the company’s stock worth $177,810,000 after buying an additional 298,818 shares during the last quarter. Jennison Associates LLC increased its position in Crescent Energy by 74.1% in the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock worth $57,435,000 after buying an additional 1,810,225 shares during the period. Cetera Investment Advisers increased its position in Crescent Energy by 5.1% in the first quarter. Cetera Investment Advisers now owns 3,341,779 shares of the company’s stock worth $45,114,000 after buying an additional 163,268 shares during the period. Finally, Bank of America Corp DE increased its position in Crescent Energy by 308.2% in the first quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock worth $41,267,000 after buying an additional 2,307,971 shares during the period. 52.11% of the stock is currently owned by institutional investors and hedge funds.

About Crescent Energy

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.