JPMorgan Chase & Co. Begins Coverage on Crescent Energy (NYSE:CRGY)

JPMorgan Chase & Co. assumed coverage on shares of Crescent Energy (NYSE:CRGY) in a report published on Wednesday, Marketbeat reports. The firm issued a neutral rating and a $12.00 price target on the stock.

Several other analysts have also recently issued reports on the company. Stephens reiterated an overweight rating and issued a $20.00 price objective on shares of Crescent Energy in a research note on Tuesday, August 6th. KeyCorp assumed coverage on Crescent Energy in a research note on Thursday, June 27th. They issued an overweight rating and a $16.00 price objective on the stock. Truist Financial reduced their price objective on Crescent Energy from $20.00 to $19.00 and set a buy rating on the stock in a research note on Monday, July 22nd. Wolfe Research started coverage on Crescent Energy in a research note on Thursday, July 18th. They issued an outperform rating and a $16.00 price objective on the stock. Finally, Mizuho dropped their target price on Crescent Energy from $14.00 to $13.00 and set a neutral rating on the stock in a report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $16.27.

Crescent Energy Stock Up 0.1 %

NYSE:CRGY opened at $11.46 on Wednesday. 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’s fifty day moving average is $11.35 and its two-hundred day moving average is $11.58. Crescent Energy has a 52 week low of $9.88 and a 52 week high of $13.85. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -57.30 and a beta of 2.26.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Research analysts anticipate that Crescent Energy will post 1.31 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy’s payout ratio is -240.00%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Crescent Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC grew its holdings in shares of Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after buying an additional 1,832 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Crescent Energy in the second quarter valued at about $32,000. Spirit of America Management Corp NY acquired a new stake in Crescent Energy in the second quarter valued at about $36,000. GAMMA Investing LLC lifted its position in Crescent Energy by 186.5% in the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after purchasing an additional 2,934 shares during the period. Finally, Amalgamated Bank lifted its position in Crescent Energy by 58.5% in the fourth quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock valued at $98,000 after purchasing an additional 2,748 shares during the period. Hedge funds and other institutional investors own 52.11% of the company’s stock.

About Crescent Energy

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.