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

Crescent Energy (NYSE:CRGY) has been given an average rating of “Buy” by the eleven ratings firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $16.30.

A number of analysts recently commented on CRGY shares. Raymond James lifted their price objective on Crescent Energy from $19.00 to $20.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Pickering Energy Partners began coverage on shares of Crescent Energy in a research note on Monday, October 28th. They issued an “outperform” rating for the company. Evercore ISI reiterated an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a report 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 target for the company. Finally, Mizuho boosted their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th.

Crescent Energy Trading Up 2.1 %

NYSE:CRGY opened at $15.15 on Friday. The stock’s 50 day simple moving average is $13.11 and its 200-day simple moving average is $12.19. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $15.54. The firm has a market cap of $3.46 billion, a P/E ratio of 24.43 and a beta of 2.17. 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:CRGY) last announced its earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. The company had revenue of $744.87 million during the quarter, compared to analysts’ expectations of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same quarter in the previous year, the business posted $0.35 earnings per share. Equities analysts anticipate that Crescent Energy will post 0.97 EPS for the current year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Monday, November 18th. Crescent Energy’s dividend payout ratio (DPR) is presently 77.42%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Crescent Energy by 13.9% in the first quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock valued at $110,775,000 after purchasing an additional 1,137,367 shares during the period. American Century Companies Inc. raised its position in Crescent Energy by 444.8% in the second quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after purchasing an additional 6,348,598 shares during the period. State Street Corp raised its position in Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after purchasing an additional 2,986,468 shares during the period. The Manufacturers Life Insurance Company raised its position in Crescent Energy by 0.9% in the third quarter. The Manufacturers Life Insurance Company now owns 3,698,678 shares of the company’s stock valued at $40,501,000 after purchasing an additional 33,626 shares during the period. Finally, Geode Capital Management LLC raised its position in Crescent Energy by 53.2% in the third quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after purchasing an additional 1,164,306 shares during the period. 52.11% of the stock is owned by hedge funds and other 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.