Crescent Energy (NYSE:CRGY) Price Target Cut to $13.00 by Analysts at Piper Sandler

Crescent Energy (NYSE:CRGY) had its price target dropped by stock analysts at Piper Sandler from $15.00 to $13.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 44.04% from the company’s previous close.

Several other equities research analysts also recently issued reports on the stock. Wall Street Zen downgraded shares of Crescent Energy from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Crescent Energy in a research note on Wednesday, October 8th. Raymond James Financial set a $17.00 price target on Crescent Energy and gave the company a “strong-buy” rating in a research note on Wednesday, August 27th. Zacks Research upgraded Crescent Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 21st. Finally, William Blair started coverage on Crescent Energy in a research report on Monday, August 25th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $15.11.

Crescent Energy Stock Up 1.7%

Shares of NYSE CRGY traded up $0.16 during mid-day trading on Tuesday, reaching $9.03. 2,758,713 shares of the company’s stock were exchanged, compared to its average volume of 4,075,808. Crescent Energy has a twelve month low of $6.83 and a twelve month high of $16.94. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of -50.14 and a beta of 1.85. The business has a fifty day simple moving average of $8.69 and a 200 day simple moving average of $8.93.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, November 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $866.58 million during the quarter, compared to analysts’ expectations of $887.54 million. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%. As a group, equities analysts expect that Crescent Energy will post 0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of CRGY. PharVision Advisers LLC bought a new stake in Crescent Energy in the third quarter valued at approximately $192,000. XTX Topco Ltd acquired a new position in shares of Crescent Energy during the 3rd quarter worth approximately $540,000. Van Den Berg Management I Inc. raised its stake in Crescent Energy by 3.0% in the 3rd quarter. Van Den Berg Management I Inc. now owns 133,080 shares of the company’s stock valued at $1,187,000 after acquiring an additional 3,898 shares during the period. Virtus Advisers LLC acquired a new stake in Crescent Energy during the 3rd quarter valued at $870,000. Finally, Voleon Capital Management LP acquired a new stake in Crescent Energy during the 3rd quarter valued at $140,000. Institutional investors own 52.11% of the company’s stock.

About Crescent Energy

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.