Evercore ISI Reaffirms “Outperform” Rating for Crescent Energy (NYSE:CRGY)

Evercore ISI reaffirmed their outperform rating on shares of Crescent Energy (NYSE:CRGY) in a research note published on Tuesday morning, Marketbeat.com reports. They currently have a $17.00 price target on the stock.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company lifted their target price on Crescent Energy from $20.00 to $21.00 and gave the stock an overweight rating in a report on Thursday, September 5th. Mizuho lowered their price target on Crescent Energy from $14.00 to $13.00 and set a neutral rating on the stock in a report on Monday, September 16th. KeyCorp started coverage on Crescent Energy in a report on Thursday, June 27th. They set an overweight rating and a $16.00 price target on the stock. JPMorgan Chase & Co. started coverage on Crescent Energy in a report on Wednesday, September 18th. They set a neutral rating and a $12.00 price target on the stock. Finally, Wolfe Research started coverage on Crescent Energy in a report on Thursday, July 18th. They set an outperform rating and a $16.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Buy and a consensus target price of $16.36.

Crescent Energy Stock Performance

Shares of NYSE CRGY opened at $10.77 on Tuesday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of -53.85 and a beta of 2.26. The stock’s fifty day simple moving average is $11.25 and its 200 day simple moving average is $11.59. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $13.85.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The business had revenue of $653.28 million for the quarter, compared to analysts’ expectations of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. As a group, sell-side analysts forecast that Crescent Energy will post 1.5 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were paid a $0.12 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 4.46%. Crescent Energy’s dividend payout ratio (DPR) is currently -239.99%.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski bought 9,344 shares of the stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the purchase, the director now directly owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders have bought 12,294 shares of company stock worth $131,297 over the last 90 days. 13.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Crescent Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Crescent Energy by 13.9% in the first quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock worth $110,775,000 after buying an additional 1,137,367 shares during the last quarter. American Century Companies Inc. boosted its stake in Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after purchasing an additional 6,348,598 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Crescent Energy by 22,968.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock valued at $48,328,000 after purchasing an additional 3,642,584 shares during the period. Marshall Wace LLP boosted its stake in Crescent Energy by 286.7% during the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after purchasing an additional 2,098,303 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Crescent Energy by 85.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company’s stock valued at $31,477,000 after purchasing an additional 1,226,027 shares during the period. Institutional investors and hedge funds own 52.11% of the company’s stock.

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.