Wells Fargo & Company Has Lowered Expectations for Crescent Energy (NYSE:CRGY) Stock Price

Crescent Energy (NYSE:CRGY - Free Report) had its target price cut by Wells Fargo & Company from $21.00 to $20.00 in a report issued on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also recently commented on CRGY. Williams Trading set a $16.00 price target on shares of Crescent Energy in a research note on Wednesday, March 5th. Stephens reaffirmed an "overweight" rating and set a $17.00 price target on shares of Crescent Energy in a research note on Monday, March 3rd. Raymond James upped their price objective on Crescent Energy from $22.00 to $23.00 and gave the stock a "strong-buy" rating in a report on Thursday, January 23rd. Siebert Williams Shank initiated coverage on Crescent Energy in a research report on Monday, February 3rd. They issued a "buy" rating for the company. Finally, JPMorgan Chase & Co. reduced their price target on shares of Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $17.55.

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Crescent Energy Price Performance

Shares of CRGY stock traded down $0.09 on Monday, reaching $11.57. The company's stock had a trading volume of 3,073,312 shares, compared to its average volume of 2,933,869. The company has a market capitalization of $2.99 billion, a P/E ratio of 18.66 and a beta of 2.18. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $16.94. The stock's 50 day simple moving average is $13.76 and its 200-day simple moving average is $13.49. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 4.15%. Crescent Energy's dividend payout ratio is presently -69.57%.

Insider Activity at Crescent Energy

In other news, Director Michael Duginski acquired 20,000 shares of the stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $10.57 per share, with a total value of $211,400.00. Following the completion of the transaction, the director now owns 259,607 shares of the company's stock, valued at $2,744,045.99. This represents a 8.35 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. Insiders acquired a total of 24,932 shares of company stock worth $263,219 over the last quarter. 13.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds have recently bought and sold shares of CRGY. Public Employees Retirement System of Ohio boosted its holdings in Crescent Energy by 35.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock worth $40,000 after acquiring an additional 705 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Crescent Energy by 206.7% in the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock worth $52,000 after purchasing an additional 2,377 shares in the last quarter. Quarry LP grew its position in Crescent Energy by 263.4% during the 4th quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $64,000 after purchasing an additional 3,155 shares during the last quarter. GAMMA Investing LLC increased its stake in Crescent Energy by 48.3% during the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock valued at $73,000 after purchasing an additional 1,621 shares in the last quarter. Finally, Toth Financial Advisory Corp bought a new stake in shares of Crescent Energy during the fourth quarter valued at approximately $131,000. 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.