Crescent Energy (NYSE:CRGY) Sets New 12-Month High Following Analyst Upgrade

Shares of Crescent Energy Company (NYSE:CRGY) reached a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $13.00 to $14.00. Wells Fargo & Company currently has an overweight rating on the stock. Crescent Energy traded as high as $12.44 and last traded at $12.4440, with a volume of 1032464 shares traded. The stock had previously closed at $12.15.

A number of other research firms have also recently issued reports on CRGY. Piper Sandler raised their price target on shares of Crescent Energy from $14.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Mizuho upped their target price on Crescent Energy from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Evercore began coverage on Crescent Energy in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $13.00 target price for the company. Jefferies Financial Group reaffirmed a “hold” rating and set a $9.00 price target on shares of Crescent Energy in a research report on Sunday, January 25th. Finally, Zacks Research upgraded Crescent Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Crescent Energy currently has an average rating of “Moderate Buy” and a consensus target price of $13.13.

Institutional Trading of Crescent Energy

Several large investors have recently made changes to their positions in CRGY. Vanguard Group Inc. increased its stake in shares of Crescent Energy by 34.6% in the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock worth $228,981,000 after acquiring an additional 7,015,982 shares during the period. American Century Companies Inc. lifted its position in Crescent Energy by 28.4% during the second quarter. American Century Companies Inc. now owns 17,928,597 shares of the company’s stock valued at $154,186,000 after purchasing an additional 3,960,998 shares during the period. Balyasny Asset Management L.P. boosted its holdings in Crescent Energy by 775.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,303,260 shares of the company’s stock valued at $27,714,000 after purchasing an additional 2,925,780 shares during the last quarter. State Street Corp boosted its holdings in Crescent Energy by 27.6% in the fourth quarter. State Street Corp now owns 12,808,605 shares of the company’s stock valued at $107,464,000 after purchasing an additional 2,767,096 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Crescent Energy by 77.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,105,558 shares of the company’s stock worth $42,836,000 after purchasing an additional 2,234,324 shares during the period. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Price Performance

The firm has a 50-day simple moving average of $10.14 and a two-hundred day simple moving average of $9.26. The company has a market capitalization of $4.10 billion, a price-to-earnings ratio of 24.03 and a beta of 1.57. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.07.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.19. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%.The business had revenue of $865.05 million during the quarter, compared to analysts’ expectations of $884.64 million. As a group, analysts predict that Crescent Energy Company 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 Wednesday, March 25th. Shareholders of record on Wednesday, March 11th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $0.48 dividend on an annualized basis and a yield of 3.8%. Crescent Energy’s payout ratio is presently 92.31%.

Crescent Energy Company Profile

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.