Crescent Energy (NYSE:CRGY) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Crescent Energy (NYSE:CRGY) have been given a consensus rating of “Moderate Buy” by the thirteen brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $16.00.

CRGY has been the topic of several research reports. Raymond James reissued a “strong-buy” rating and set a $18.00 price target (down previously from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. Citigroup cut shares of Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. KeyCorp cut their target price on shares of Crescent Energy from $18.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research note on Wednesday, March 5th. Finally, Mizuho cut their target price on shares of Crescent Energy from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th.

Crescent Energy Stock Down 2.3%

Shares of CRGY opened at $9.55 on Tuesday. The stock has a market capitalization of $2.44 billion, a PE ratio of 15.40 and a beta of 1.75. Crescent Energy has a 1 year low of $6.83 and a 1 year high of $16.94. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The company’s 50-day simple moving average is $8.65 and its 200-day simple moving average is $11.85.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.09. The business had revenue of $950.17 million for the quarter, compared to analysts’ expectations of $937.55 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. Analysts forecast that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $0.12 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.48 annualized dividend and a yield of 5.03%. Crescent Energy’s dividend payout ratio is currently -106.67%.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds have recently added to or reduced their stakes in CRGY. Louisiana State Employees Retirement System acquired a new stake in shares of Crescent Energy in the fourth quarter valued at approximately $1,233,000. New York State Teachers Retirement System acquired a new stake in shares of Crescent Energy in the fourth quarter valued at approximately $798,000. Rhumbline Advisers boosted its holdings in shares of Crescent Energy by 126.2% in the fourth quarter. Rhumbline Advisers now owns 485,475 shares of the company’s stock valued at $7,093,000 after acquiring an additional 270,859 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Crescent Energy by 7,793.7% in the fourth quarter. Principal Financial Group Inc. now owns 847,549 shares of the company’s stock valued at $12,383,000 after acquiring an additional 836,812 shares during the period. Finally, CIBC Asset Management Inc acquired a new stake in shares of Crescent Energy in the fourth quarter valued at approximately $248,000. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Energy

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.