Crescent Energy (NYSE:CRGY) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Crescent Energy (NYSE:CRGY) have been given an average recommendation of “Buy” by the nine research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $16.70.

A number of brokerages have issued reports on CRGY. Truist Financial reduced their price objective on shares of Crescent Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Wells Fargo & Company initiated coverage on Crescent Energy in a research report on Thursday, August 8th. They issued an “overweight” rating and a $20.00 price target on the stock. KeyCorp began coverage on Crescent Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $16.00 price objective for the company. Wolfe Research initiated coverage on Crescent Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $16.00 target price on the stock. Finally, Mizuho upped their price target on Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, May 13th.

Crescent Energy Trading Up 1.7 %

Shares of CRGY opened at $11.27 on Wednesday. The stock’s fifty day simple moving average is $11.67 and its 200-day simple moving average is $11.58. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $2.00 billion, a PE ratio of -56.35 and a beta of 2.32. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $14.22.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The company had revenue of $653.28 million for the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a negative net margin of 0.67% and a positive return on equity of 12.90%. As a group, research analysts predict that Crescent Energy will post 1.53 earnings per share for the current year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 19th will be given a $0.12 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $0.48 annualized dividend and a dividend yield of 4.26%. Crescent Energy’s dividend payout ratio is presently -240.00%.

Insiders Place Their Bets

In related news, Director Michael Duginski purchased 9,344 shares of Crescent Energy stock in a transaction dated Thursday, August 8th. The stock was bought at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the acquisition, the director now directly owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

Institutional investors have recently modified their holdings of the company. Jupiter Asset Management Ltd. acquired a new stake in Crescent Energy in the 1st quarter valued at approximately $2,877,000. Vanguard Group Inc. raised its holdings in shares of Crescent Energy by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 8,171,426 shares of the company’s stock valued at $107,945,000 after purchasing an additional 530,199 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of Crescent Energy by 901.7% in the first quarter. GSA Capital Partners LLP now owns 100,681 shares of the company’s stock worth $1,198,000 after purchasing an additional 90,630 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Crescent Energy in the fourth quarter worth $1,393,000. Finally, Moody National Bank Trust Division acquired a new position in Crescent Energy during the second quarter worth $769,000. 52.11% of the stock is currently owned by institutional investors.

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.