Crescent Energy Company (NYSE:CRGY) Receives $15.92 Consensus Target Price from Brokerages

Crescent Energy Company (NYSE:CRGY) has been given an average rating of “Moderate Buy” by the sixteen research firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $16.00.

Several equities analysts recently weighed in on CRGY shares. Zacks Research downgraded Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Mizuho lifted their price target on Crescent Energy from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Crescent Energy in a research note on Thursday. Seaport Research Partners started coverage on shares of Crescent Energy in a report on Thursday, September 3rd. They set a “sell” rating and a $12.00 price objective on the stock. Finally, KeyCorp reiterated an “overweight” rating and set a $19.00 price objective on shares of Crescent Energy in a report on Thursday, June 11th.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP purchased a new stake in shares of Crescent Energy during the 2nd quarter valued at $1,183,000. NewEdge Advisors LLC raised its position in shares of Crescent Energy by 1.1% in the 2nd quarter. NewEdge Advisors LLC now owns 145,918 shares of the company’s stock worth $1,433,000 after buying an additional 1,650 shares during the period. Mraz Amerine & Associates Inc. raised its position in shares of Crescent Energy by 3.1% in the 2nd quarter. Mraz Amerine & Associates Inc. now owns 208,065 shares of the company’s stock worth $2,043,000 after buying an additional 6,187 shares during the period. Allworth Financial LP boosted its holdings in Crescent Energy by 31.3% in the second quarter. Allworth Financial LP now owns 6,770 shares of the company’s stock valued at $66,000 after acquiring an additional 1,613 shares during the last quarter. Finally, Corient Private Wealth LP boosted its holdings in Crescent Energy by 856.5% in the second quarter. Corient Private Wealth LP now owns 229,407 shares of the company’s stock valued at $2,253,000 after acquiring an additional 205,423 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Trading Up 1.8%

Shares of Crescent Energy stock opened at $14.66 on Thursday. Crescent Energy has a fifty-two week low of $7.68 and a fifty-two week high of $14.67. The firm has a market cap of $4.85 billion, a PE ratio of -293.24 and a beta of 1.45. The business’s fifty day moving average is $12.04 and its two-hundred day moving average is $12.05. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The company’s revenue for the quarter was up 55.3% compared to the same quarter last year. Analysts anticipate that Crescent Energy will post 2.17 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.48 annualized dividend and a yield of 3.3%. Crescent Energy’s dividend payout ratio is -960.00%.

Crescent Energy Company Profile

Crescent Energy Company (NYSE: CRGY) is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.