Crescent Energy (NYSE:CRGY) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Crescent Energy (NYSE:CRGY) from a strong-buy rating to a hold rating in a research report report published on Thursday morning,Zacks.com reports.

Other research analysts have also issued reports about the company. Raymond James Financial restated a “strong-buy” rating and issued a $14.00 target price (down from $16.00) on shares of Crescent Energy in a research note on Friday. Wall Street Zen raised Crescent Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Piper Sandler raised their price target on Crescent Energy from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. Wells Fargo & Company reduced their target price on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, June 16th. Finally, Mizuho cut their price target on Crescent Energy from $13.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.70.

Crescent Energy Stock Performance

Shares of CRGY stock opened at $9.9320 on Thursday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.88 and a quick ratio of 0.88. Crescent Energy has a fifty-two week low of $6.83 and a fifty-two week high of $16.94. The stock’s 50-day moving average is $9.13 and its two-hundred day moving average is $9.86. The firm has a market cap of $2.53 billion, a P/E ratio of -55.18 and a beta of 1.86.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.20. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%.The company had revenue of $897.98 million during the quarter, compared to the consensus estimate of $868.34 million. Analysts predict that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Monday, August 18th. Crescent Energy’s payout ratio is -266.67%.

Institutional Investors Weigh In On Crescent Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRGY. Brooklyn Investment Group lifted its stake in Crescent Energy by 1,110.3% during the first quarter. Brooklyn Investment Group now owns 2,457 shares of the company’s stock worth $28,000 after purchasing an additional 2,254 shares during the last quarter. Allworth Financial LP bought a new stake in Crescent Energy during the first quarter worth $34,000. Public Employees Retirement System of Ohio lifted its stake in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock worth $40,000 after purchasing an additional 705 shares during the last quarter. Quarry LP lifted its stake in Crescent Energy by 263.4% during the fourth quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $64,000 after purchasing an additional 3,155 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Crescent Energy by 287.3% during the second quarter. GAMMA Investing LLC now owns 9,585 shares of the company’s stock worth $82,000 after purchasing an additional 7,110 shares during the last quarter. 52.11% of the stock is currently owned by institutional investors.

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.