Raymond James Reaffirms Strong-Buy Rating for Crescent Energy (NYSE:CRGY)

Crescent Energy (NYSE:CRGY)‘s stock had its “strong-buy” rating reissued by stock analysts at Raymond James in a research note issued on Friday,Benzinga reports. They currently have a $18.00 target price on the stock, down from their prior target price of $23.00. Raymond James’ target price suggests a potential upside of 62.82% from the stock’s previous close.

CRGY has been the topic of several other reports. Mizuho raised their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Citigroup cut Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. Williams Trading set a $16.00 price target on shares of Crescent Energy in a research note on Wednesday, March 5th. Stephens reaffirmed an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Monday, March 3rd. Finally, Truist Financial boosted their price target on Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Crescent Energy has a consensus rating of “Moderate Buy” and a consensus price target of $17.09.

Crescent Energy Price Performance

NYSE CRGY traded down $0.22 on Friday, hitting $11.06. 550,327 shares of the company were exchanged, compared to its average volume of 3,035,255. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $16.94. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The firm has a 50 day moving average of $13.54 and a two-hundred day moving average of $13.46. The company has a market cap of $2.86 billion, a P/E ratio of 17.81 and a beta of 2.18.

Insider Buying and Selling

In other news, Director Michael Duginski bought 20,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $10.57 per share, with a total value of $211,400.00. Following the completion of the transaction, the director now directly owns 259,607 shares of the company’s stock, valued at $2,744,045.99. This represents a 8.35 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $9.91, for a total value of $29,221,844.93. The disclosure for this sale can be found here. Insiders bought 24,932 shares of company stock valued at $263,219 over the last quarter. Insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Crescent Energy

Large investors have recently modified their holdings of the business. State Street Corp raised its holdings in Crescent Energy by 78.6% during the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after acquiring an additional 2,986,468 shares during the period. Geode Capital Management LLC increased its position in shares of Crescent Energy by 53.2% during the third quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after buying an additional 1,164,306 shares during the period. Amalgamated Bank lifted its holdings in shares of Crescent Energy by 919.0% in the fourth quarter. Amalgamated Bank now owns 49,961 shares of the company’s stock worth $730,000 after buying an additional 45,058 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Crescent Energy by 25.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,984,820 shares of the company’s stock worth $28,998,000 after acquiring an additional 398,555 shares during the period. Finally, M&T Bank Corp purchased a new stake in Crescent Energy in the 4th quarter worth approximately $683,000. Hedge funds and other 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.