Crescent Energy (NYSE:CRGY) Upgraded at Zacks Research

Zacks Research upgraded shares of Crescent Energy (NYSE:CRGY) from a hold rating to a strong-buy rating in a research report sent to investors on Monday,Zacks reports.

Other research analysts also recently issued research reports about the stock. Morgan Stanley downgraded shares of Crescent Energy to an “underweight” rating in a research note on Monday, August 3rd. UBS Group reissued a “buy” rating and issued a $19.00 target price on shares of Crescent Energy in a research report on Monday, September 14th. Wells Fargo & Company lowered their target price on shares of Crescent Energy from $24.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, September 2nd. Wall Street Zen raised shares of Crescent Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 19th. Finally, Seaport Research Partners initiated coverage on shares of Crescent Energy in a report on Thursday, September 3rd. They issued a “sell” rating and a $12.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.08.

Crescent Energy Stock Down 1.0%

CRGY stock opened at $13.48 on Monday. The company has a 50 day moving average price of $13.20 and a two-hundred day moving average price of $12.31. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $4.46 billion, a P/E ratio of -269.63 and a beta of 1.60. Crescent Energy has a one year low of $7.68 and a one year high of $15.47.

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, topping 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 company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.26 billion. The company’s quarterly revenue was up 55.3% on a year-over-year basis. As a group, sell-side analysts expect that Crescent Energy will post 2.56 EPS for the current year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, August 17th. Crescent Energy’s dividend payout ratio is currently -960.00%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kohlberg Kravis Roberts & Co. L.P. grew 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 valued at $386,847,000 after buying an additional 1,897,230 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Crescent Energy by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 13,171,033 shares of the company’s stock valued at $177,810,000 after purchasing an additional 298,818 shares during the period. Jennison Associates LLC lifted its position in shares of Crescent Energy by 74.1% during the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock worth $57,435,000 after purchasing an additional 1,810,225 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Crescent Energy by 5.1% during the first quarter. Cetera Investment Advisers now owns 3,341,779 shares of the company’s stock worth $45,114,000 after purchasing an additional 163,268 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Crescent Energy by 308.2% in 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 purchasing an additional 2,307,971 shares during the period. 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.