Crescent Energy (NYSE:CRGY) Downgraded to “Hold” Rating by Zacks Research

Crescent Energy (NYSE:CRGY) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Stephens reaffirmed an “overweight” rating and issued a $18.00 price target on shares of Crescent Energy in a report on Tuesday, May 5th. Mizuho lifted their price objective on Crescent Energy from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, May 27th. Wells Fargo & Company boosted their price objective on Crescent Energy from $14.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Johnson Rice restated an “accumulate” rating and issued a $19.00 target price on shares of Crescent Energy in a research note on Wednesday, March 25th. Finally, Wall Street Zen lowered Crescent Energy from a “buy” rating to a “hold” rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Crescent Energy currently has a consensus rating of “Moderate Buy” and an average target price of $15.82.

Crescent Energy Stock Performance

Shares of NYSE CRGY opened at $9.82 on Monday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.12. Crescent Energy has a 12 month low of $7.68 and a 12 month high of $14.29. The company has a 50 day simple moving average of $12.02 and a two-hundred day simple moving average of $10.99. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of -13.10 and a beta of 1.37.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, May 4th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.39 by $0.14. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the firm earned $0.57 EPS. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. As a group, analysts predict that Crescent Energy will post 1.98 earnings per share for the current year.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRGY. Strs Ohio purchased a new stake in shares of Crescent Energy during the first quarter worth about $32,000. Fifth Third Bancorp lifted its stake in Crescent Energy by 109.3% in the 4th quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock valued at $33,000 after buying an additional 2,039 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Crescent Energy by 134.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock valued at $33,000 after buying an additional 2,286 shares in the last quarter. Quarry LP boosted its holdings in Crescent Energy by 303.5% in the 3rd quarter. Quarry LP now owns 4,152 shares of the company’s stock worth $37,000 after buying an additional 3,123 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in Crescent Energy by 42.3% in the 4th quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock worth $40,000 after buying an additional 1,401 shares during the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

About Crescent Energy

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.