Crescent Energy Company (NYSE:CRGY) Stock Has Average Target Price of $17.08 According to Brokerages

Crescent Energy Company (NYSE:CRGY) has been assigned a consensus rating of “Moderate Buy” from the seventeen analysts that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, ten have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $17.08.

A number of analysts have recently issued reports on the stock. Morgan Stanley lowered shares of Crescent Energy to an “underweight” rating in a research report on Monday, August 3rd. BMO Capital Markets reaffirmed a “market perform” rating and set a $16.00 price objective on shares of Crescent Energy in a research report on Friday, September 18th. Mizuho upped their price objective on shares of Crescent Energy from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. 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. Finally, Zacks Research raised Crescent Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th.

Crescent Energy Price Performance

Shares of NYSE:CRGY opened at $12.68 on Monday. The company’s fifty day moving average is $13.27 and its two-hundred day moving average is $12.32. The company has a market cap of $4.19 billion, a P/E ratio of -253.63 and a beta of 1.60. Crescent Energy has a 12-month low of $7.68 and a 12-month high of $15.47. 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 (NYSE:CRGY) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share 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 business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.26 billion. The company’s quarterly revenue was up 55.3% compared to the same quarter last year. Equities analysts expect that Crescent Energy will post 2.56 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.8%. Crescent Energy’s dividend payout ratio (DPR) is -960.00%.

Key Headlines Impacting Crescent Energy

Here are the key news stories impacting Crescent Energy this week:

• Positive Sentiment: Crescent agreed to acquire Devon Energy’s Eagle Ford assets for an estimated net purchase price of approximately $3.85 billion, expanding its position in the basin with adjacent, Tier 1 inventory. The assets are expected to add roughly 68,000 barrels of oil equivalent per day and could generate about $140 million in annual synergies. Crescent Energy to Acquire Eagle Ford Assets from Devon Energy
• Positive Sentiment: The transaction significantly increases Crescent’s operating scale and could improve drilling efficiencies, infrastructure utilization and long-term production growth by concentrating operations in its core Eagle Ford footprint. Crescent Energy’s Devon Deal Strengthens Its Eagle Ford Dominance
• Neutral Sentiment: Crescent launched a $1 billion public offering to help fund the Devon acquisition and subsequently priced 80 million Class A shares at $12.50 each. The offering provides transaction funding but materially increases the company’s share count. Crescent Energy Announces Pricing of Public Offering
• Negative Sentiment: The equity issuance is dilutive to existing shareholders and was priced below recent trading levels, creating near-term selling pressure. Investors must also assess the substantial capital commitment, integration risks and potential balance-sheet strain associated with the acquisition. Crescent Energy Prices 80M Share Offering

Institutional Trading of Crescent Energy

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

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.