Crescent Energy’s (CRGY) Outperform Rating Reiterated at Evercore ISI

Evercore ISI reiterated their outperform rating on shares of Crescent Energy (NYSE:CRGY) in a research report sent to investors on Tuesday, Marketbeat.com reports. The brokerage currently has a $17.00 price objective on the stock.

Other research analysts have also recently issued reports about the company. Stephens reaffirmed an overweight rating and set a $20.00 price objective on shares of Crescent Energy in a research note on Tuesday, August 6th. Truist Financial reduced their price objective 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. Wolfe Research initiated coverage on Crescent Energy in a research note on Thursday, July 18th. They set an outperform rating and a $16.00 price objective on the stock. JPMorgan Chase & Co. began coverage on Crescent Energy in a research note on Wednesday, September 18th. They set a neutral rating and a $12.00 price objective on the stock. Finally, Wells Fargo & Company raised their target price on Crescent Energy from $20.00 to $21.00 and gave the stock an overweight rating in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Crescent Energy presently has an average rating of Buy and a consensus price target of $16.70.

Crescent Energy Stock Up 3.3 %

CRGY opened at $11.13 on Tuesday. The stock has a market cap of $1.98 billion, a PE ratio of -55.65 and a beta of 2.26. 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 has a 52 week low of $9.88 and a 52 week high of $13.85. The business’s fifty day simple moving average is $11.23 and its 200 day simple moving average is $11.59.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, August 5th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The business 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%. As a group, research analysts expect that Crescent Energy will post 1.5 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.48 annualized dividend and a dividend yield of 4.31%. Crescent Energy’s payout ratio is presently -239.99%.

Insiders Place Their Bets

In related news, Director Michael Duginski acquired 9,344 shares of the stock in a transaction on Thursday, August 8th. The stock was acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the acquisition, the director now directly owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders purchased 12,294 shares of company stock worth $131,297 over the last three months. Company insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

Several institutional investors and hedge funds have recently bought and sold shares of CRGY. CWM LLC lifted its holdings in shares of Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after purchasing an additional 1,832 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Crescent Energy during the second quarter valued at approximately $32,000. Spirit of America Management Corp NY purchased a new position in shares of Crescent Energy during the second quarter valued at approximately $36,000. GAMMA Investing LLC lifted its holdings in shares of Crescent Energy by 186.5% during the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after purchasing an additional 2,934 shares during the last quarter. Finally, Equitec Proprietary Markets LLC purchased a new position in shares of Crescent Energy during the second quarter valued at approximately $107,000. 52.11% of the stock is currently 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.