Crescent Energy (NYSE:CRGY) Downgraded by Zacks Research to “Hold”

Crescent Energy (NYSE:CRGY) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

CRGY has been the topic of a number of other reports. Wells Fargo & Company boosted their price target on shares of Crescent Energy from $14.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Wall Street Zen downgraded shares of Crescent Energy from a “buy” rating to a “hold” rating in a report on Saturday. JPMorgan Chase & Co. raised shares of Crescent Energy from a “neutral” rating to an “overweight” rating and set a $19.00 target price on the stock in a research note on Friday, March 20th. Weiss Ratings lowered Crescent Energy from a “hold (c)” rating to a “sell (d)” rating in a research report on Wednesday, May 6th. Finally, Johnson Rice restated an “accumulate” rating and issued a $19.00 price target on shares of Crescent Energy in a research report on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $15.82.

Crescent Energy Trading Down 1.8%

Shares of CRGY stock opened at $9.82 on Monday. Crescent Energy has a fifty-two week low of $7.68 and a fifty-two week high of $14.29. 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 stock’s fifty day moving average is $12.02 and its two-hundred day moving average is $10.99. The firm has a market capitalization of $3.24 billion, a P/E ratio of -13.10 and a beta of 1.37.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, May 4th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.14. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The company’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.57 earnings per share. Research analysts expect that Crescent Energy will post 1.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRGY. Strs Ohio purchased a new position in Crescent Energy in the first quarter worth approximately $32,000. Fifth Third Bancorp raised its stake in shares of Crescent Energy by 109.3% in the 4th quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock valued at $33,000 after acquiring an additional 2,039 shares during the period. Nomura Asset Management Co. Ltd. raised its position in Crescent Energy by 134.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock valued at $33,000 after purchasing an additional 2,286 shares during the period. Quarry LP raised its holdings in shares of Crescent Energy by 303.5% in the 3rd quarter. Quarry LP now owns 4,152 shares of the company’s stock valued at $37,000 after buying an additional 3,123 shares during the period. Finally, Allworth Financial LP increased its stake in Crescent Energy by 42.3% during the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock worth $40,000 after purchasing an additional 1,401 shares during the period. 52.11% of the stock is currently owned by institutional investors and hedge funds.

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.