Crescent Energy (NYSE:CRGY) Receives Consensus Recommendation of "Buy" from Brokerages

Shares of Crescent Energy (NYSE:CRGY - Get Free Report) have been given an average rating of "Buy" by the eleven brokerages that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $16.30.

Several research firms have recently commented on CRGY. Stephens raised their price objective on Crescent Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Monday, October 28th. JPMorgan Chase & Co. began coverage on Crescent Energy in a research report on Wednesday, September 18th. They issued a "neutral" rating and a $12.00 price target for the company. Mizuho boosted their price target on Crescent Energy from $13.00 to $14.00 and gave the company a "neutral" rating in a research note on Tuesday, November 5th. Pickering Energy Partners began coverage on Crescent Energy in a research report on Monday, October 28th. They set an "outperform" rating on the stock. Finally, Truist Financial reduced their target price on Crescent Energy from $19.00 to $15.00 and set a "buy" rating for the company in a report on Monday, September 30th.

Institutional Trading of Crescent Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Crescent Energy by 13.9% during the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company's stock valued at $110,775,000 after buying an additional 1,137,367 shares during the last quarter. Quadrature Capital Ltd raised its position in shares of Crescent Energy by 5.1% in the 1st quarter. Quadrature Capital Ltd now owns 30,744 shares of the company's stock worth $366,000 after buying an additional 1,503 shares during the period. Price T Rowe Associates Inc. MD raised its position in Crescent Energy by 7.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,999 shares of the company's stock valued at $453,000 after purchasing an additional 2,692 shares during the period. Bayesian Capital Management LP purchased a new position in Crescent Energy in the first quarter valued at about $145,000. Finally, California State Teachers Retirement System raised its position in Crescent Energy by 11.3% in the first quarter. California State Teachers Retirement System now owns 91,622 shares of the company's stock valued at $1,090,000 after purchasing an additional 9,289 shares during the period. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Stock Performance

Shares of Crescent Energy stock traded up $0.06 during trading on Friday, hitting $14.87. 949,064 shares of the company's stock traded hands, compared to its average volume of 2,337,187. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $15.54. The stock has a market capitalization of $3.39 billion, a P/E ratio of 23.92 and a beta of 2.19. The business has a 50-day simple moving average of $12.97 and a 200-day simple moving average of $12.15.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $744.87 million for the quarter, compared to analysts' expectations of $793.88 million. During the same period last year, the firm posted $0.35 earnings per share. As a group, analysts forecast that Crescent Energy will post 0.97 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Monday, November 18th. Crescent Energy's payout ratio is currently 77.42%.

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.