Crescent Energy (NYSE:CRGY) Stock Price Expected to Rise, Raymond James Analyst Says

Crescent Energy (NYSE:CRGY) had its target price increased by stock analysts at Raymond James from $19.00 to $20.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the stock. Raymond James’ price target suggests a potential upside of 29.12% from the company’s previous close.

CRGY has been the topic of a number of other research reports. Stephens boosted their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Evercore ISI reissued an “outperform” rating and issued a $17.00 target price on shares of Crescent Energy in a research note on Tuesday, September 24th. JPMorgan Chase & Co. started coverage on Crescent Energy in a report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price objective for the company. Mizuho upped their target price on Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Finally, Pickering Energy Partners began coverage on Crescent Energy in a report on Monday, October 28th. They issued an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Crescent Energy presently has a consensus rating of “Buy” and a consensus price target of $16.30.

Crescent Energy Stock Performance

CRGY stock traded up $0.93 during midday trading on Thursday, hitting $15.49. The company’s stock had a trading volume of 913,713 shares, compared to its average volume of 2,336,097. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $15.53. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 24.90 and a beta of 2.19. The stock’s 50-day moving average price is $12.49 and its 200 day moving average price is $12.03. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.11. The firm had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same period in the prior year, the firm earned $0.35 EPS. On average, equities analysts forecast that Crescent Energy will post 0.97 EPS for the current year.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently modified their holdings of CRGY. American Century Companies Inc. raised its position in shares of Crescent Energy by 444.8% during the second quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after buying an additional 6,348,598 shares during the last quarter. State Street Corp raised its stake in shares of Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after acquiring an additional 2,986,468 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Crescent Energy by 286.7% in the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after acquiring an additional 2,098,303 shares in the last quarter. Wellington Management Group LLP bought a new stake in Crescent Energy during the 3rd quarter valued at $21,872,000. Finally, Riposte Capital LLC purchased a new position in shares of Crescent Energy in the third quarter worth about $18,232,000. 52.11% of the stock is currently owned by institutional investors.

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.