Crescent Energy (NYSE:CRGY) Rating Increased to Strong-Buy at Wells Fargo & Company

Crescent Energy (NYSE:CRGY) was upgraded by analysts at Wells Fargo & Company to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks reports.

A number of other analysts have also recently commented on CRGY. UBS Group lifted their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. KeyCorp reaffirmed an “overweight” rating and issued a $19.00 price target on shares of Crescent Energy in a report on Thursday, June 11th. Mizuho lifted their price objective on shares of Crescent Energy from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research note on Monday, August 17th. Finally, Stephens boosted their price objective on shares of Crescent Energy from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.92.

Crescent Energy Trading Up 1.5%

Shares of NYSE:CRGY opened at $14.29 on Wednesday. The business’s 50-day moving average is $11.42 and its 200 day moving average is $11.88. 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 has a 1 year low of $7.68 and a 1 year high of $14.54. The firm has a market capitalization of $4.72 billion, a P/E ratio of -285.70 and a beta of 1.45.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.26 billion. The business’s revenue was up 55.3% compared to the same quarter last year. On average, research analysts predict that Crescent Energy will post 2.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Crescent Energy

Institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. lifted its stake in Crescent Energy by 25.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock valued at $46,000 after acquiring an additional 1,066 shares during the period. Sunbelt Securities Inc. increased its stake in shares of Crescent Energy by 0.7% in the first quarter. Sunbelt Securities Inc. now owns 151,416 shares of the company’s stock worth $2,044,000 after acquiring an additional 1,073 shares during the period. First Citizens Bank & Trust Co. increased its stake in shares of Crescent Energy by 1.8% in the fourth quarter. First Citizens Bank & Trust Co. now owns 65,241 shares of the company’s stock worth $547,000 after acquiring an additional 1,152 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Crescent Energy by 2.0% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 62,706 shares of the company’s stock worth $526,000 after purchasing an additional 1,245 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Crescent Energy by 8.9% during the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company’s stock worth $192,000 after purchasing an additional 1,397 shares during the last quarter. 52.11% of the stock is 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.