Crescent Energy (NYSE:CRGY) Receives Consensus Rating of “Buy” from Brokerages

Shares of Crescent Energy (NYSE:CRGY) have earned an average recommendation of “Buy” from the six ratings firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $16.29.

A number of equities research analysts have recently weighed in on CRGY shares. Mizuho reissued a “neutral” rating and set a $13.00 target price (down previously from $14.00) on shares of Crescent Energy in a report on Friday, March 22nd. TheStreet raised shares of Crescent Energy from a “d” rating to a “c-” rating in a report on Wednesday, February 14th. Raymond James lowered their target price on shares of Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Evercore ISI initiated coverage on shares of Crescent Energy in a report on Friday, December 1st. They set an “outperform” rating and a $16.00 target price on the stock. Finally, Stephens reaffirmed an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a report on Tuesday, March 5th.

Insider Buying and Selling

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $9.87, for a total value of $136,206,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. 13.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently bought and sold shares of CRGY. Jump Financial LLC increased its stake in Crescent Energy by 1,063.1% in the third quarter. Jump Financial LLC now owns 139,104 shares of the company’s stock valued at $1,758,000 after purchasing an additional 127,144 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Crescent Energy in the third quarter valued at about $6,320,000. Graham Capital Management L.P. boosted its stake in Crescent Energy by 53.2% in the third quarter. Graham Capital Management L.P. now owns 77,735 shares of the company’s stock valued at $983,000 after acquiring an additional 27,010 shares during the last quarter. Barclays PLC raised its position in shares of Crescent Energy by 72.3% in the third quarter. Barclays PLC now owns 37,727 shares of the company’s stock valued at $477,000 after purchasing an additional 15,827 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Crescent Energy by 354.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 470,999 shares of the company’s stock valued at $5,953,000 after purchasing an additional 367,373 shares during the period. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Up 1.4 %

CRGY opened at $11.90 on Friday. Crescent Energy has a 1-year low of $9.17 and a 1-year high of $14.22. The stock’s fifty day simple moving average is $11.12 and its 200 day simple moving average is $11.63. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.98. The stock has a market cap of $2.14 billion, a PE ratio of 9.22, a price-to-earnings-growth ratio of 0.87 and a beta of 2.23.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, March 4th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.37. Crescent Energy had a return on equity of 13.30% and a net margin of 2.84%. The firm had revenue of $657.73 million for the quarter, compared to analysts’ expectations of $584.12 million. As a group, research analysts expect that Crescent Energy will post 1.28 earnings per share for the current year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.12 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 4.03%. Crescent Energy’s dividend payout ratio is 37.21%.

About Crescent Energy

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven basins, including the Eagle Ford, Rockies, Barnett, Permian, and Mid-Con in the United States.