Crescent Energy (NYSE:CRGY) Shares Gap Up After Analyst Upgrade

Shares of Crescent Energy Company (NYSE:CRGY) gapped up before the market opened on Thursday after KeyCorp raised their price target on the stock from $15.00 to $19.00. The stock had previously closed at $12.73, but opened at $13.45. KeyCorp currently has an overweight rating on the stock. Crescent Energy shares last traded at $13.5670, with a volume of 865,502 shares.

Several other research analysts also recently weighed in on CRGY. William Blair restated an “outperform” rating on shares of Crescent Energy in a research note on Friday, March 6th. Zacks Research upgraded Crescent Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. Evercore assumed coverage on Crescent Energy in a report on Tuesday, December 16th. They issued an “outperform” rating and a $13.00 price target for the company. BMO Capital Markets began coverage on Crescent Energy in a research note on Friday, January 9th. They set a “market perform” rating and a $10.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Crescent Energy from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.80.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Caitlin John LLC acquired a new stake in Crescent Energy during the 3rd quarter valued at approximately $27,000. Nisa Investment Advisors LLC grew its position in Crescent Energy by 50.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the company’s stock worth $33,000 after purchasing an additional 1,241 shares during the period. Fifth Third Bancorp raised its stake in shares of Crescent Energy by 109.3% during the 4th quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock valued at $33,000 after buying an additional 2,039 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Crescent Energy by 134.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock worth $33,000 after acquiring an additional 2,286 shares during the period. Finally, Quarry LP lifted its holdings in Crescent Energy by 303.5% in the third quarter. Quarry LP now owns 4,152 shares of the company’s stock valued at $37,000 after acquiring an additional 3,123 shares during the period. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Trading Up 5.5%

The firm has a market cap of $4.41 billion, a PE ratio of 25.84 and a beta of 1.55. The company has a 50-day simple moving average of $11.19 and a 200 day simple moving average of $9.58. 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 posted its earnings results on Wednesday, February 25th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.19. Crescent Energy had a net margin of 3.71% and a return on equity of 8.36%. The firm had revenue of $865.05 million during the quarter, compared to analyst estimates of $884.64 million. As a group, sell-side analysts forecast that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 11th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, March 11th. This represents a $0.48 dividend on an annualized basis and a yield of 3.6%. Crescent Energy’s payout ratio is presently 92.31%.

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.