Crescent Energy (NYSE:CRGY) Upgraded at UBS Group

UBS Group upgraded shares of Crescent Energy (NYSE:CRGY) to a strong-buy rating in a research report report published on Tuesday morning,Zacks.com reports.

A number of other analysts have also issued reports on the company. Stephens reaffirmed an “overweight” rating and issued a $18.00 price target on shares of Crescent Energy in a research note on Tuesday, May 5th. Johnson Rice reissued an “accumulate” rating and issued a $19.00 price objective on shares of Crescent Energy in a research note on Wednesday, March 25th. Wells Fargo & Company raised their price objective on Crescent Energy from $14.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. KeyCorp reaffirmed an “overweight” rating and set a $19.00 target price on shares of Crescent Energy in a research note on Thursday, June 11th. Finally, Raymond James Financial dropped their target price on shares of Crescent Energy from $20.00 to $18.00 and set a “strong-buy” rating for the company in a report on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.58.

Crescent Energy Stock Up 1.9%

CRGY opened at $10.37 on Tuesday. Crescent Energy has a twelve month low of $7.68 and a twelve month high of $14.29. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average price of $11.25 and a 200 day moving average price of $11.09. The company has a market cap of $3.42 billion, a PE ratio of -13.82 and a beta of 1.40.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.14. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm posted $0.57 EPS. Crescent Energy’s revenue was up 24.5% compared to the same quarter last year. Sell-side analysts expect that Crescent Energy will post 1.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Monday, May 18th. Crescent Energy’s payout ratio is currently -64.00%.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio acquired a new stake in shares of Crescent Energy in the 1st quarter worth $32,000. Fifth Third Bancorp raised its holdings 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 worth $33,000 after acquiring an additional 2,039 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of Crescent Energy by 134.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock valued at $33,000 after acquiring an additional 2,286 shares during the last quarter. Quarry LP boosted its position in shares of Crescent Energy by 303.5% during the 3rd 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 last quarter. Finally, Allworth Financial LP grew its holdings in shares of Crescent Energy by 42.3% in the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock valued at $40,000 after purchasing an additional 1,401 shares during the period. Institutional investors and hedge funds own 52.11% of the company’s stock.

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.