Crescent Energy (NYSE:CRGY) Price Target Cut to $19.00

Crescent Energy (NYSE:CRGY) had its target price decreased by Truist Financial from $23.00 to $19.00 in a research note released on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other brokerages also recently commented on CRGY. Stephens reaffirmed an overweight rating and set a $17.00 target price on shares of Crescent Energy in a research note on Tuesday, March 5th. Mizuho reaffirmed a neutral rating and set a $13.00 target price (down from $14.00) on shares of Crescent Energy in a research note on Friday, March 22nd. Raymond James reduced their target price on shares of Crescent Energy from $16.00 to $15.00 and set a strong-buy rating on the stock in a research note on Wednesday, January 24th. Finally, TheStreet raised shares of Crescent Energy from a d rating to a c- rating in a research note on Wednesday, February 14th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Crescent Energy presently has a consensus rating of Buy and an average price target of $16.00.

Crescent Energy Stock Performance

NYSE:CRGY opened at $11.87 on Friday. The company’s 50-day moving average price is $11.18 and its 200-day moving average price is $11.60. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.98. The company has a market cap of $2.13 billion, a P/E ratio of 9.20 and a beta of 2.24. Crescent Energy has a twelve month low of $9.17 and a twelve month high of $14.22.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, March 4th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.37. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. The firm had revenue of $657.73 million for the quarter, compared to the consensus estimate of $584.12 million. On average, sell-side analysts forecast that Crescent Energy will post 1.28 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date of this dividend was Thursday, March 14th. Crescent Energy’s dividend payout ratio (DPR) is 37.21%.

Insider Activity

In other news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $9.87, for a total value of $136,206,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its holdings in shares of 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 in the last quarter. Virtus Fund Advisers LLC acquired a new position in shares of Crescent Energy in the fourth quarter valued at approximately $62,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Crescent Energy in the second quarter valued at approximately $64,000. Tower Research Capital LLC TRC grew its holdings in shares of Crescent Energy by 227.3% in the third quarter. Tower Research Capital LLC TRC now owns 6,591 shares of the company’s stock valued at $88,000 after purchasing an additional 4,577 shares in the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Crescent Energy by 31.1% in the fourth quarter. Amalgamated Bank now owns 6,854 shares of the company’s stock valued at $82,000 after purchasing an additional 1,626 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Company Profile

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven regions, including the Eagle Ford, Marcellus, Utica, and Rockies in the United States.