Crescent Energy Company (NYSE:CRGY) Receives $15.58 Consensus Target Price from Brokerages

Crescent Energy Company (NYSE:CRGY) has been given a consensus recommendation of “Moderate Buy” by the fifteen ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, eight have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $15.5833.

Several brokerages have recently issued reports on CRGY. KeyCorp restated an “overweight” rating and set a $19.00 price target on shares of Crescent Energy in a research note on Thursday, June 11th. Raymond James Financial reduced their price objective on Crescent Energy from $20.00 to $18.00 and set a “strong-buy” rating for the company in a report on Thursday, June 18th. Stephens restated an “overweight” rating and issued a $18.00 target price on shares of Crescent Energy in a research note on Tuesday, May 5th. UBS Group began coverage on Crescent Energy in a research report on Tuesday, July 14th. They set a “buy” rating and a $13.00 price target on the stock. Finally, Zacks Research downgraded Crescent Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th.

Crescent Energy Stock Performance

NYSE CRGY opened at $11.29 on Wednesday. Crescent Energy has a 52-week low of $7.68 and a 52-week high of $14.29. The company has a 50-day simple moving average of $11.06 and a 200 day simple moving average of $11.20. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market capitalization of $3.73 billion, a PE ratio of -15.05 and a beta of 1.40.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, May 4th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.14. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company earned $0.57 earnings per share. The company’s quarterly revenue was up 24.5% on a year-over-year basis. On average, research analysts predict that Crescent Energy will post 1.77 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a $0.12 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.48 annualized dividend and a dividend yield of 4.3%. Crescent Energy’s dividend payout ratio (DPR) is presently -64.00%.

Institutional Trading of Crescent Energy

Institutional investors have recently modified their holdings of the business. Kohlberg Kravis Roberts & Co. L.P. raised its holdings in Crescent Energy by 7.1% during the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock valued at $386,847,000 after acquiring an additional 1,897,230 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Crescent Energy by 34.6% in the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock worth $228,981,000 after acquiring an additional 7,015,982 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Crescent Energy by 2.3% in 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 in the last quarter. State Street Corp grew its position in shares of Crescent Energy by 27.6% in the fourth quarter. State Street Corp now owns 12,808,605 shares of the company’s stock valued at $107,464,000 after purchasing an additional 2,767,096 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Crescent Energy by 29.0% in the fourth quarter. Geode Capital Management LLC now owns 5,592,793 shares of the company’s stock valued at $46,935,000 after purchasing an additional 1,256,114 shares in the last quarter. 52.11% of the stock is currently owned by hedge funds and other 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.