Crescent Energy (NYSE:CRGY) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Crescent Energy (NYSE:CRGY) from a strong sell rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

A number of other analysts have also weighed in on CRGY. Wells Fargo & Company reduced their target price on Crescent Energy from $20.00 to $15.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. Piper Sandler reduced their target price on shares of Crescent Energy from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Tuesday, November 18th. Weiss Ratings reiterated a “sell (d)” rating on shares of Crescent Energy in a research report on Wednesday, October 8th. BMO Capital Markets assumed coverage on shares of Crescent Energy in a report on Friday, January 9th. They set a “market perform” rating and a $10.00 target price for the company. Finally, Mizuho increased their price target on shares of Crescent Energy from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $13.90.

Crescent Energy Price Performance

Shares of Crescent Energy stock traded up $0.03 on Tuesday, hitting $8.66. 968,154 shares of the company traded hands, compared to its average volume of 5,961,347. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $2.20 billion, a P/E ratio of -57.63 and a beta of 1.73. The business has a 50-day simple moving average of $8.77 and a 200 day simple moving average of $8.86. Crescent Energy has a 52 week low of $6.83 and a 52 week high of $16.55.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Monday, November 3rd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Crescent Energy had a return on equity of 11.77% and a net margin of 0.66%.The firm had revenue of $866.58 million during the quarter, compared to analyst estimates of $887.54 million. Research analysts expect that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were issued a $0.12 dividend. The ex-dividend date was Monday, November 17th. This represents a $0.48 dividend on an annualized basis and a yield of 5.5%. Crescent Energy’s dividend payout ratio is presently -320.00%.

Institutional Investors Weigh In On Crescent Energy

A number of large investors have recently made changes to their positions in CRGY. Caitlin John LLC purchased a new position in Crescent Energy during the third quarter worth approximately $27,000. Nisa Investment Advisors LLC raised its holdings in shares of Crescent Energy by 50.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the company’s stock worth $33,000 after acquiring an additional 1,241 shares during the period. Quarry LP boosted its position in shares of Crescent Energy by 303.5% during the 3rd quarter. Quarry LP now owns 4,152 shares of the company’s stock valued at $37,000 after acquiring an additional 3,123 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of Crescent Energy by 25.2% in the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock valued at $46,000 after purchasing an additional 1,066 shares during the period. Finally, Hantz Financial Services Inc. increased its position in Crescent Energy by 135.8% during the third quarter. Hantz Financial Services Inc. now owns 6,018 shares of the company’s stock worth $54,000 after purchasing an additional 3,466 shares during the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Company Profile

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.