Crescent Energy (NYSE:CRGY) Reaches New 12-Month High on Analyst Upgrade

Crescent Energy (NYSE:CRGY - Get Free Report) shares reached a new 52-week high during trading on Monday after Truist Financial raised their price target on the stock from $18.00 to $21.00. Truist Financial currently has a buy rating on the stock. Crescent Energy traded as high as $16.33 and last traded at $16.33, with a volume of 222769 shares. The stock had previously closed at $15.86.

CRGY has been the subject of several other research reports. Wells Fargo & Company cut their price objective on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Monday, October 21st. Mizuho raised their price objective on shares of Crescent Energy from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Evercore ISI reissued an "outperform" rating and set a $17.00 price objective on shares of Crescent Energy in a report on Tuesday, September 24th. JPMorgan Chase & Co. assumed coverage on shares of Crescent Energy in a report on Wednesday, September 18th. They issued a "neutral" rating and a $12.00 target price for the company. Finally, Pickering Energy Partners initiated coverage on Crescent Energy in a research note on Monday, October 28th. They set 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 given a strong buy rating to the company's stock. According to MarketBeat, Crescent Energy presently has an average rating of "Buy" and a consensus target price of $17.10.

Institutional Trading of Crescent Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its stake in shares of Crescent Energy by 15,675.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company's stock worth $35,000 after purchasing an additional 3,135 shares during the period. Amalgamated Bank lifted its position in Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company's stock worth $54,000 after buying an additional 2,272 shares during the period. GAMMA Investing LLC boosted its stake in Crescent Energy by 48.3% in the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock worth $73,000 after buying an additional 1,621 shares during the last quarter. Zacks Investment Management purchased a new stake in Crescent Energy in the 3rd quarter valued at about $121,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Crescent Energy during the 2nd quarter valued at about $125,000. Hedge funds and other institutional investors own 52.11% of the company's stock.

Crescent Energy Stock Performance

The company's fifty day moving average price is $14.44 and its two-hundred day moving average price is $12.70. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market capitalization of $3.75 billion, a PE ratio of 26.48 and a beta of 2.17.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.11. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The company had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. During the same quarter last year, the firm posted $0.35 earnings per share. As a group, equities analysts expect that Crescent Energy will post 0.98 earnings per share for the current year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, November 18th. This represents a $0.48 annualized dividend and a yield of 2.92%. Crescent Energy's dividend payout ratio is presently 77.42%.

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.