Crescent Energy (NYSE:CRGY) Downgraded to Strong Sell Rating by Zacks Research

Crescent Energy (NYSE:CRGY) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

A number of other analysts have also commented on the stock. Mizuho boosted their price target on shares of Crescent Energy from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Raymond James Financial set a $17.00 target price on shares of Crescent Energy and gave the stock a “strong-buy” rating in a research report on Wednesday, August 27th. Wall Street Zen lowered Crescent Energy from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. William Blair initiated coverage on shares of Crescent Energy in a research note on Monday, August 25th. They issued an “outperform” rating for the company. Finally, Wells Fargo & Company lowered their target price on shares of Crescent Energy from $20.00 to $15.00 and set an “overweight” rating for the company in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Crescent Energy Stock Performance

Shares of CRGY opened at $8.31 on Monday. Crescent Energy has a one year low of $6.83 and a one year high of $16.94. The company has a market cap of $2.11 billion, a PE ratio of -55.37 and a beta of 1.77. The stock has a 50-day moving average of $8.83 and a 200-day moving average of $8.99. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.81 and a quick ratio of 0.81.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings results on Monday, November 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $866.58 million for the quarter, compared to analyst estimates of $887.54 million. Crescent Energy had a return on equity of 11.77% and a net margin of 0.66%. On average, equities research analysts predict that Crescent Energy will post 0.77 EPS for the current fiscal year.

Institutional Trading of Crescent Energy

Several hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC raised its stake in Crescent Energy by 34.7% in the 1st quarter. Voya Investment Management LLC now owns 155,759 shares of the company’s stock valued at $1,751,000 after acquiring an additional 40,159 shares during the period. Peregrine Capital Management LLC increased its stake in shares of Crescent Energy by 10.4% in the second quarter. Peregrine Capital Management LLC now owns 440,947 shares of the company’s stock worth $3,792,000 after purchasing an additional 41,423 shares in the last quarter. Bryce Point Capital LLC raised its position in shares of Crescent Energy by 715.6% in the second quarter. Bryce Point Capital LLC now owns 83,927 shares of the company’s stock valued at $722,000 after purchasing an additional 73,637 shares during the period. DAVENPORT & Co LLC lifted its stake in shares of Crescent Energy by 58.0% during the 2nd quarter. DAVENPORT & Co LLC now owns 109,000 shares of the company’s stock valued at $937,000 after buying an additional 40,000 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its holdings in Crescent Energy by 208.0% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 60,849 shares of the company’s stock worth $523,000 after buying an additional 41,091 shares during the period. 52.11% of the stock is currently owned by institutional investors.

About Crescent Energy

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.