Crescent Energy (NYSE:CRGY) Shares Gap Up on Analyst Upgrade

Crescent Energy (NYSE:CRGY)’s share price gapped up prior to trading on Thursday after Wells Fargo & Company raised their price target on the stock from $20.00 to $21.00. The stock had previously closed at $11.15, but opened at $11.49. Wells Fargo & Company currently has an overweight rating on the stock. Crescent Energy shares last traded at $11.18, with a volume of 36,432 shares changing hands.

Several other equities research analysts have also issued reports on the stock. Mizuho lifted their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. KeyCorp began coverage on Crescent Energy in a research report on Thursday, June 27th. They issued an “overweight” rating and a $16.00 price target on the stock. Wolfe Research assumed coverage on shares of Crescent Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $16.00 price target on the stock. Truist Financial cut their target price on Crescent Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, Stephens reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Crescent Energy in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $16.80.

Insider Transactions at Crescent Energy

In other news, Director Michael Duginski acquired 9,344 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was bought at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the purchase, the director now owns 201,081 shares in the company, valued at $2,135,480.22. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought a total of 11,344 shares of company stock valued at $120,723 in the last ninety days. 13.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors have recently bought and sold shares of CRGY. Jackson Creek Investment Advisors LLC grew its stake in shares of Crescent Energy by 1.0% in the second quarter. Jackson Creek Investment Advisors LLC now owns 90,933 shares of the company’s stock worth $1,078,000 after acquiring an additional 883 shares in the last quarter. ProShare Advisors LLC increased its holdings in Crescent Energy by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock worth $165,000 after purchasing an additional 1,085 shares during the period. Quadrature Capital Ltd raised its position in Crescent Energy by 5.1% in the 1st quarter. Quadrature Capital Ltd now owns 30,744 shares of the company’s stock valued at $366,000 after purchasing an additional 1,503 shares in the last quarter. CWM LLC boosted its stake in shares of Crescent Energy by 618.9% in the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after buying an additional 1,832 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Crescent Energy during the second quarter worth about $32,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Stock Performance

The stock has a 50-day moving average price of $11.65 and a 200 day moving average price of $11.61. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of -55.90 and a beta of 2.32. 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) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The company had revenue of $653.28 million for the quarter, compared to analysts’ expectations of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. On average, analysts forecast that Crescent Energy will post 1.43 EPS for the current 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 paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.31%. Crescent Energy’s dividend payout ratio (DPR) is -240.00%.

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.