Wolfe Research Initiates Coverage on Crescent Energy (NYSE:CRGY)

Wolfe Research started coverage on shares of Crescent Energy (NYSE:CRGY) in a research report sent to investors on Thursday morning, Marketbeat reports. The firm issued an outperform rating and a $16.00 target price on the stock.

A number of other research firms also recently commented on CRGY. KeyCorp initiated coverage on Crescent Energy in a report on Thursday, June 27th. They issued an overweight rating and a $16.00 price objective on the stock. Wells Fargo & Company increased their price target on shares of Crescent Energy from $19.00 to $20.00 and gave the company an overweight rating in a research note on Monday, April 22nd. Tudor, Pickering, Holt & Co. started coverage on shares of Crescent Energy in a research report on Wednesday, April 10th. They set a buy rating and a $18.00 price objective for the company. Mizuho upped their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the company a neutral rating in a report on Monday, May 13th. Finally, Truist Financial lifted their price target on shares of Crescent Energy from $19.00 to $20.00 and gave the stock a buy rating in a research note on Thursday, May 23rd. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Crescent Energy currently has a consensus rating of Buy and an average price target of $16.50.

Crescent Energy Stock Performance

Shares of Crescent Energy stock opened at $12.05 on Thursday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. Crescent Energy has a 52-week low of $10.11 and a 52-week high of $14.22. The company has a 50 day moving average of $12.16 and a 200 day moving average of $11.58.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.28. The business had revenue of $657.47 million during the quarter, compared to analysts’ expectations of $579.44 million. Crescent Energy had a negative net margin of 0.67% and a positive return on equity of 12.90%. On average, research analysts predict that Crescent Energy will post 1.66 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Tuesday, May 21st were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.48 dividend on an annualized basis and a yield of 3.98%. Crescent Energy’s dividend payout ratio is presently -239.99%.

Institutional Trading of Crescent Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ProShare Advisors LLC increased its holdings in shares of Crescent Energy by 8.5% in the first quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock valued at $165,000 after purchasing an additional 1,085 shares during the period. Quadrature Capital Ltd increased its stake 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 buying an additional 1,503 shares during the period. CWM LLC raised its position 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 buying an additional 1,832 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Crescent Energy by 7.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,999 shares of the company’s stock worth $453,000 after acquiring an additional 2,692 shares during the period. Finally, Ziegler Capital Management LLC boosted its holdings in shares of Crescent Energy by 5.6% in the fourth quarter. Ziegler Capital Management LLC now owns 51,278 shares of the company’s stock valued at $677,000 after acquiring an additional 2,734 shares in the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

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.