Crescent Energy (NYSE:CRGY) Price Target Raised to $16.00

Crescent Energy (NYSE:CRGY) had its price target hoisted by Piper Sandler from $14.00 to $16.00 in a research report released on Thursday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

CRGY has been the subject of several other research reports. BMO Capital Markets assumed coverage on Crescent Energy in a report on Friday, January 9th. They issued a “market perform” rating and a $10.00 price objective for the company. Evercore started coverage on Crescent Energy in a report on Tuesday, December 16th. They set an “outperform” rating and a $13.00 target price on the stock. Wells Fargo & Company reduced their price target on Crescent Energy from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Tuesday, January 27th. Mizuho raised their price target on Crescent Energy from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Finally, Zacks Research raised Crescent Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $13.00.

Crescent Energy Stock Performance

Shares of CRGY opened at $12.00 on Thursday. Crescent Energy has a 12 month low of $6.83 and a 12 month high of $12.40. The firm has a fifty day simple moving average of $9.89 and a 200 day simple moving average of $9.21. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 23.07 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 released its earnings results on Wednesday, February 25th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.19. Crescent Energy had a net margin of 3.71% and a return on equity of 8.36%. The business had revenue of $865.05 million during the quarter, compared to the consensus estimate of $884.64 million. Research analysts forecast that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, March 11th. This represents a $0.48 annualized dividend and a dividend yield of 4.0%. Crescent Energy’s payout ratio is currently 92.31%.

Institutional Investors Weigh In On Crescent Energy

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its holdings in Crescent Energy by 16.1% during the first quarter. Royal Bank of Canada now owns 58,900 shares of the company’s stock worth $662,000 after purchasing an additional 8,173 shares during the period. AQR Capital Management LLC raised its stake in Crescent Energy by 8.9% in the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company’s stock valued at $192,000 after buying an additional 1,397 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Crescent Energy by 6.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,670 shares of the company’s stock valued at $1,109,000 after buying an additional 6,184 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Crescent Energy by 42.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company’s stock valued at $44,616,000 after buying an additional 1,174,576 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Crescent Energy by 32.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 244,456 shares of the company’s stock worth $2,748,000 after acquiring an additional 59,199 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.