Crescent Energy (NYSE:CRGY) Shares Up 5.8% Following Analyst Upgrade

Crescent Energy (NYSE:CRGYGet Free Report)’s share price traded up 5.8% during trading on Thursday after Raymond James raised their price target on the stock from $19.00 to $20.00. Raymond James currently has a strong-buy rating on the stock. Crescent Energy traded as high as $15.41 and last traded at $15.40. 498,066 shares were traded during mid-day trading, a decline of 79% from the average session volume of 2,334,258 shares. The stock had previously closed at $14.56.

A number of other equities analysts have also recently issued reports on CRGY. Pickering Energy Partners assumed coverage on Crescent Energy in a report on Monday, October 28th. They issued an “outperform” rating for the company. Stephens increased their target price on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Truist Financial decreased their price target on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Evercore ISI restated an “outperform” rating and set a $17.00 price target on shares of Crescent Energy in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. began coverage on Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price target on the stock. Two analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Crescent Energy has a consensus rating of “Buy” and an average target price of $16.30.

View Our Latest Research Report on CRGY

Hedge Funds Weigh In On Crescent Energy

Hedge funds have recently added to or reduced their stakes in the stock. Moody National Bank Trust Division bought a new position in Crescent Energy during the 2nd quarter worth $769,000. Interval Partners LP bought a new position in Crescent Energy during the 2nd quarter worth $1,835,000. Susquehanna Fundamental Investments LLC bought a new position in Crescent Energy during the 2nd quarter worth $3,496,000. Empowered Funds LLC increased its stake in Crescent Energy by 11.4% during the 3rd quarter. Empowered Funds LLC now owns 925,301 shares of the company’s stock worth $10,132,000 after acquiring an additional 94,948 shares during the period. Finally, Boston Partners bought a new position in Crescent Energy during the 1st quarter worth $630,000. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

The stock has a 50 day simple moving average of $12.49 and a 200 day simple moving average of $12.03. The stock has a market cap of $3.50 billion, a P/E ratio of 24.98 and a beta of 2.19. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy (NYSE:CRGYGet Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.11. The company had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. During the same quarter last year, the business posted $0.35 EPS. On average, equities analysts expect that Crescent Energy will post 0.97 earnings per share for the current year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a $0.12 dividend. The ex-dividend date is Monday, November 18th. This represents a $0.48 annualized dividend and a yield of 3.14%. Crescent Energy’s payout ratio is 77.42%.

About Crescent Energy

(Get Free Report)

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.

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