Crescent Energy (NYSE:CRGY) Shares Up 5.8% Following Analyst Upgrade

Shares of Crescent Energy (NYSE:CRGY) shot up 5.8% during mid-day trading on Thursday after Raymond James raised their price target on the stock from $19.00 to $20.00. Raymond James currently has a strong-buy rating on the stock. Crescent Energy traded as high as $15.41 and last traded at $15.40. 498,066 shares were traded during trading, a decline of 79% from the average session volume of 2,334,258 shares. The stock had previously closed at $14.56.

A number of other equities research analysts have also recently issued reports on the stock. Evercore ISI reissued an “outperform” rating and set a $17.00 target price on shares of Crescent Energy in a report on Tuesday, September 24th. JPMorgan Chase & Co. began coverage on shares of Crescent Energy in a report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price on the stock. Mizuho boosted 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 Tuesday, November 5th. Truist Financial decreased their price target on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, Stephens upped their price target on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Two 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $16.30.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRGY. SG Americas Securities LLC bought a new position in Crescent Energy in the first quarter valued at $210,000. Swiss National Bank increased its position in shares of Crescent Energy by 19.3% during the first quarter. Swiss National Bank now owns 183,980 shares of the company’s stock valued at $2,189,000 after acquiring an additional 29,800 shares in the last quarter. Sei Investments Co. increased its position in shares of Crescent Energy by 14.9% during the first quarter. Sei Investments Co. now owns 43,470 shares of the company’s stock valued at $517,000 after acquiring an additional 5,624 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Crescent Energy by 8.5% during the first quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock valued at $165,000 after acquiring an additional 1,085 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Crescent Energy by 13.9% in the first quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock worth $110,775,000 after purchasing an additional 1,137,367 shares during the last quarter. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Up 5.2 %

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 company’s fifty day moving average is $12.49 and its 200-day moving average is $12.03. The company has a market cap of $3.50 billion, a PE ratio of 24.98 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.11. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The company had revenue of $744.87 million for the quarter, compared to analysts’ expectations of $793.88 million. During the same quarter last year, the company posted $0.35 earnings per share. On average, analysts predict that Crescent Energy will post 0.97 EPS for the current year.

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Monday, November 18th. Crescent Energy’s dividend payout ratio is currently 77.42%.

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.