Crescent Energy (NYSE:CRGY) Stock Lifted to “Strong-Buy” by Zacks Research

Zacks Research upgraded shares of Crescent Energy (NYSE:CRGY) from a hold rating to a strong-buy rating in a research report released on Monday morning,Zacks reports.

CRGY has been the subject of several other reports. Mizuho boosted their price objective on Crescent Energy from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Seaport Research Partners assumed coverage on shares of Crescent Energy in a research note on Thursday, September 3rd. They issued a “sell” rating and a $12.00 target price on the stock. UBS Group reiterated a “buy” rating and set a $19.00 price target on shares of Crescent Energy in a research report on Monday, September 14th. Stephens boosted their price target on shares of Crescent Energy from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Finally, Truist Financial assumed coverage on shares of Crescent Energy in a report on Thursday, September 17th. They issued a “buy” rating and a $19.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $17.08.

Crescent Energy Price Performance

CRGY opened at $13.62 on Monday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $4.50 billion, a P/E ratio of -272.45 and a beta of 1.60. The company’s 50 day simple moving average is $13.16 and its 200-day simple moving average is $12.30. Crescent Energy has a one year low of $7.68 and a one year high of $15.47.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.69 EPS for the quarter, beating 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 firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.26 billion. The firm’s revenue was up 55.3% compared to the same quarter last year. Sell-side analysts anticipate that Crescent Energy will post 2.56 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

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

Institutional Trading of Crescent Energy

A number of institutional investors and hedge funds have recently modified their holdings of CRGY. Engineers Gate Manager LP bought a new position in Crescent Energy during the 2nd quarter worth approximately $1,183,000. NewEdge Advisors LLC increased its stake in Crescent Energy by 1.1% in the second quarter. NewEdge Advisors LLC now owns 145,918 shares of the company’s stock valued at $1,433,000 after purchasing an additional 1,650 shares in the last quarter. Mraz Amerine & Associates Inc. increased its stake in Crescent Energy by 3.1% in the second quarter. Mraz Amerine & Associates Inc. now owns 208,065 shares of the company’s stock valued at $2,043,000 after purchasing an additional 6,187 shares in the last quarter. Allworth Financial LP raised its holdings in Crescent Energy by 31.3% in the second quarter. Allworth Financial LP now owns 6,770 shares of the company’s stock worth $66,000 after purchasing an additional 1,613 shares during the period. Finally, Corient Private Wealth LP raised its holdings in Crescent Energy by 856.5% in the second quarter. Corient Private Wealth LP now owns 229,407 shares of the company’s stock worth $2,253,000 after purchasing an additional 205,423 shares during the period. 52.11% of the stock is owned by institutional investors.

About Crescent Energy

Crescent Energy Company is an independent, U.S.-based energy company engaged in the acquisition, development, and operation of oil and natural gas properties. Its production portfolio includes crude oil, natural gas, and natural gas liquids, with an emphasis on established assets that offer ongoing development opportunities.

The company’s operations are concentrated in several major U.S. onshore producing regions, including the Eagle Ford, the Uinta Basin, and other assets across the Rocky Mountain and central United States.