Crescent Energy (NYSE:CRGY) Given "Strong-Buy" Rating at Raymond James

Raymond James reissued their strong-buy rating on shares of Crescent Energy (NYSE:CRGY - Free Report) in a research report released on Friday,Benzinga reports. The firm currently has a $18.00 price target on the stock, down from their previous price target of $23.00.

CRGY has been the topic of a number of other reports. JPMorgan Chase & Co. lowered their price objective on Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company cut their price objective on Crescent Energy from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Mizuho raised their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Tuesday, January 14th. Truist Financial boosted their price objective on Crescent Energy from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Finally, Williams Trading set a $16.00 price objective on shares of Crescent Energy in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $17.09.

Crescent Energy Stock Performance

NYSE:CRGY traded down $0.27 on Friday, hitting $10.98. The stock had a trading volume of 1,236,285 shares, compared to its average volume of 3,233,515. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 17.70 and a beta of 2.18. The business's 50-day simple moving average is $13.32 and its two-hundred day simple moving average is $13.52. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 annualized dividend and a dividend yield of 4.37%. Crescent Energy's dividend payout ratio is currently -69.57%.

Insider Activity

In other news, Director Michael Duginski acquired 4,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average price of $10.38 per share, with a total value of $41,520.00. Following the transaction, the director now directly owns 233,607 shares in the company, valued at approximately $2,424,840.66. This represents a 1.74 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $9.91, for a total value of $29,221,844.93. The disclosure for this sale can be found here. In the last quarter, insiders acquired 24,932 shares of company stock worth $263,219. 13.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Energy

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Crescent Energy by 26.4% during the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company's stock worth $303,150,000 after buying an additional 4,332,831 shares during the last quarter. American Century Companies Inc. boosted its holdings in Crescent Energy by 12.7% in the 4th quarter. American Century Companies Inc. now owns 12,700,925 shares of the company's stock worth $185,561,000 after buying an additional 1,436,084 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Crescent Energy in the fourth quarter worth approximately $170,905,000. Bank of New York Mellon Corp boosted its stake in Crescent Energy by 55.5% during the 4th quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company's stock worth $135,316,000 after purchasing an additional 3,305,833 shares during the last quarter. Finally, State Street Corp grew its stake in Crescent Energy by 78.6% during the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company's stock valued at $74,285,000 after acquiring an additional 2,986,468 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors and hedge funds.

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.