Crescent Energy (NYSE:CRGY) Price Target Raised to $20.00

Crescent Energy (NYSE:CRGY) had its target price boosted by Truist Financial from $19.00 to $20.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently commented on CRGY. Zacks Research raised Crescent Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Scotiabank assumed coverage on Crescent Energy in a research note on Wednesday, October 14th. They issued a “sector outperform” rating and a $18.00 price target on the stock. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Crescent Energy in a research report on Thursday, September 10th. Weiss Ratings raised Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, August 17th. Finally, Morgan Stanley cut Crescent Energy to an “underweight” rating in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.21.

Crescent Energy Stock Up 0.7%

NYSE CRGY traded up $0.07 during trading hours on Wednesday, reaching $11.21. 6,973,138 shares of the company’s stock traded hands, compared to its average volume of 11,750,124. Crescent Energy has a 52-week low of $7.68 and a 52-week high of $15.47. The firm has a market cap of $4.74 billion, a PE ratio of -560.47 and a beta of 1.71. The firm has a 50-day simple moving average of $13.47 and a 200 day simple moving average of $12.05. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.94 and a quick ratio of 0.94.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, November 2nd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.59 by $0.18. Crescent Energy had a net margin of 1.30% and a return on equity of 13.51%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.24 billion. Sell-side analysts anticipate that Crescent Energy will post 2.21 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 16th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, November 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.3%. Crescent Energy’s dividend payout ratio is presently -2,400.00%.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently added to or reduced their stakes in CRGY. Russell Investments Group Ltd. increased its holdings in shares of Crescent Energy by 0.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 314,281 shares of the company’s stock worth $4,051,000 after purchasing an additional 1,649 shares in the last quarter. Maryland State Retirement & Pension System lifted its holdings in shares of Crescent Energy by 87.5% during the third quarter. Maryland State Retirement & Pension System now owns 66,429 shares of the company’s stock valued at $856,000 after purchasing an additional 31,001 shares in the last quarter. Keybank National Association OH lifted its holdings in shares of Crescent Energy by 43.4% during the third quarter. Keybank National Association OH now owns 69,421 shares of the company’s stock valued at $895,000 after purchasing an additional 21,006 shares in the last quarter. Fulcrum Asset Management LLP boosted its position in shares of Crescent Energy by 484.1% during the third quarter. Fulcrum Asset Management LLP now owns 132,470 shares of the company’s stock valued at $1,708,000 after buying an additional 109,792 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in shares of Crescent Energy by 16.3% during the third quarter. Pictet Asset Management Holding SA now owns 44,521 shares of the company’s stock valued at $574,000 after buying an additional 6,229 shares during the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Energy

Crescent Energy Company is an independent energy company focused on the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include exploration and production, well development, production optimization and management of mature and unconventional oil and gas assets.

The company’s portfolio is concentrated in onshore U.S. basins, including the Eagle Ford in South Texas and the Uinta Basin in Utah, along with other producing properties.