Crescent Energy Company (CRGY) – What Are Investment Firms Saying About This Stock?

Shares of Crescent Energy Company (NYSE:CRGY) have been given an average recommendation of “Moderate Buy” by the eighteen analysts that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation, eleven have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $17.21.

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Morgan Stanley cut shares of Crescent Energy to an “underweight” rating in a research note on Monday, August 3rd. UBS Group lowered their price target on shares of Crescent Energy from $19.00 to $18.00 and set a “buy” rating for the company in a report on Monday, October 12th. Evercore restated an “outperform” rating on shares of Crescent Energy in a research report on Wednesday, October 14th. Finally, Wall Street Zen upgraded shares of Crescent Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 19th.

Crescent Energy Stock Down 5.1%

Shares of NYSE CRGY opened at $11.14 on Friday. The firm’s 50-day simple moving average is $13.52 and its 200 day simple moving average is $12.04. The company has a market cap of $4.70 billion, a price-to-earnings ratio of -556.57 and a beta of 1.71. The company has a quick ratio of 0.94, a current ratio of 0.67 and a debt-to-equity ratio of 0.92. Crescent Energy has a 12-month low of $7.68 and a 12-month high of $15.47.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Monday, November 2nd. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.18. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.24 billion. Crescent Energy had a net margin of 1.30% and a return on equity of 13.43%. On average, research analysts expect that Crescent Energy will post 2.03 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Monday, November 16th. Crescent Energy’s dividend payout ratio (DPR) is presently -2,400.00%.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently made changes to their positions in CRGY. First Trust Advisors LP boosted its stake in Crescent Energy by 29.0% in the first quarter. First Trust Advisors LP now owns 1,542,176 shares of the company’s stock valued at $20,819,000 after acquiring an additional 346,242 shares during the last quarter. Kohlberg Kravis Roberts & Co. L.P. grew its holdings in Crescent Energy by 7.1% during 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 acquiring an additional 1,897,230 shares during the period. Bank of America Corp DE grew its holdings in 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 acquiring an additional 2,307,971 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Crescent Energy by 64.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,251,891 shares of the company’s stock valued at $41,917,000 after acquiring an additional 1,274,787 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of Crescent Energy by 74.1% during the 1st quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock valued at $57,435,000 after acquiring an additional 1,810,225 shares during the last quarter. 52.11% of the stock is owned by institutional investors and hedge funds.

About Crescent Energy

Crescent Energy Company is an independent energy company focused on the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include exploration and production, well development, production optimization and management of mature and unconventional oil and gas assets.

The company’s portfolio is concentrated in onshore U.S. basins, including the Eagle Ford in South Texas and the Uinta Basin in Utah, along with other producing properties.