Pickering Energy Partners Initiates Coverage on Crescent Energy (NYSE:CRGY)

Pickering Energy Partners initiated coverage on shares of Crescent Energy (NYSE:CRGY - Free Report) in a report issued on Monday, MarketBeat reports. The brokerage issued an outperform rating on the stock.

CRGY has been the subject of a number of other reports. Stephens reissued an "overweight" rating and set a $20.00 price target on shares of Crescent Energy in a research report on Tuesday, August 6th. Evercore ISI reaffirmed an "outperform" rating and set a $17.00 target price on shares of Crescent Energy in a report on Tuesday, September 24th. Truist Financial cut their target price on shares of Crescent Energy from $19.00 to $15.00 and set a "buy" rating for the company in a report on Monday, September 30th. JPMorgan Chase & Co. initiated coverage on shares of Crescent Energy in a report on Wednesday, September 18th. They set a "neutral" rating and a $12.00 target price for the company. Finally, Wells Fargo & Company dropped their price target on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Monday, October 21st. Two investment 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. Based on data from MarketBeat, Crescent Energy currently has an average rating of "Buy" and a consensus price target of $15.70.

Crescent Energy Trading Down 2.9 %

CRGY stock traded down $0.36 during trading on Monday, hitting $12.20. The company had a trading volume of 2,110,325 shares, compared to its average volume of 2,366,480. The firm has a market capitalization of $2.17 billion, a P/E ratio of -61.00 and a beta of 2.19. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $13.85. The company has a 50 day simple moving average of $11.73 and a 200-day simple moving average of $11.74. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The company had revenue of $653.28 million for the quarter, compared to analysts' expectations of $619.00 million. As a group, research analysts forecast that Crescent Energy will post 1.27 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were given a dividend of $0.12 per share. The ex-dividend date was Monday, August 19th. This represents a $0.48 annualized dividend and a dividend yield of 3.93%. Crescent Energy's payout ratio is -240.00%.

Insider Activity

In related news, Director Michael Duginski acquired 9,344 shares of Crescent Energy stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the acquisition, the director now owns 201,081 shares in the company, valued at approximately $2,135,480.22. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have bought 12,294 shares of company stock valued at $131,297. 13.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crescent Energy

A number of large investors have recently modified their holdings of CRGY. CWM LLC increased its holdings in Crescent Energy by 618.9% during the 2nd quarter. CWM LLC now owns 2,128 shares of the company's stock worth $25,000 after purchasing an additional 1,832 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Crescent Energy in the 2nd quarter worth approximately $32,000. Spirit of America Management Corp NY acquired a new position in shares of Crescent Energy in the 2nd quarter worth approximately $36,000. Equitec Proprietary Markets LLC acquired a new position in shares of Crescent Energy in the 2nd quarter worth approximately $107,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Crescent Energy in the 2nd quarter worth approximately $125,000. 52.11% of the stock is currently 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.