Crescent Energy (NYSE:CRGY) Stock Price Expected to Rise, Truist Financial Analyst Says

Crescent Energy (NYSE:CRGY) had its price target lifted by Truist Financial from $18.00 to $21.00 in a research report released on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research analysts have also issued reports on CRGY. Mizuho increased their price target on shares of Crescent Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Evercore ISI reaffirmed an “outperform” rating and set a $17.00 price target on shares of Crescent Energy in a report on Tuesday, September 24th. Stephens upped their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. initiated coverage on Crescent Energy in a research report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price objective for the company. Finally, Wells Fargo & Company cut their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Two analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Crescent Energy currently has an average rating of “Buy” and an average price target of $17.20.

Crescent Energy Stock Performance

CRGY opened at $16.67 on Monday. The stock’s 50 day simple moving average is $14.51 and its 200-day simple moving average is $12.73. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The stock has a market cap of $3.81 billion, a PE ratio of 26.89 and a beta of 2.17. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $16.94.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.11. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The firm had revenue of $744.87 million for the quarter, compared to analyst estimates of $793.88 million. During the same quarter in the previous year, the firm posted $0.35 EPS. Sell-side analysts forecast that Crescent Energy will post 0.9 EPS for the current year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend was Monday, November 18th. Crescent Energy’s payout ratio is presently 77.42%.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors have recently modified their holdings of CRGY. State Street Corp grew its holdings in shares of Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after acquiring an additional 2,986,468 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Crescent Energy by 0.9% during the third quarter. The Manufacturers Life Insurance Company now owns 3,698,678 shares of the company’s stock valued at $40,501,000 after acquiring an additional 33,626 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Crescent Energy by 53.2% in the third quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock worth $36,741,000 after buying an additional 1,164,306 shares in the last quarter. Segall Bryant & Hamill LLC grew its holdings in shares of Crescent Energy by 48.4% during the third quarter. Segall Bryant & Hamill LLC now owns 3,072,410 shares of the company’s stock worth $33,643,000 after purchasing an additional 1,001,552 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Crescent Energy by 77.7% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 3,029,818 shares of the company’s stock worth $33,177,000 after buying an additional 1,324,328 shares during the last quarter. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Company Profile

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.