Crescent Energy (NYSE:CRGY) Earns Buy Rating from Analysts at Truist Financial

Key Points

• Truist Financial initiated coverage of Crescent Energy with a “buy” rating and a $19 price target, implying approximately 31.9% upside from the stock’s $14.41 price.
• Analyst sentiment is generally positive, with MarketBeat reporting a consensus “moderate buy” rating and an average price target of $16.62, though ratings range from “strong buy” to “sell.”
• Crescent Energy exceeded quarterly expectations, reporting $0.69 in EPS versus a $0.59 estimate and $1.39 billion in revenue, up 55.3% year over year.

Equities researchers at Truist Financial assumed coverage on shares of Crescent Energy (NYSE:CRGY - Get Free Report) in a report issued on Thursday, Benzinga reports. The firm set a "buy" rating and a $19.00 price target on the stock. Truist Financial's price target points to a potential upside of 31.89% from the stock's current price.

Several other equities research analysts have also issued reports on the stock. Mizuho increased their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Crescent Energy in a report on Thursday, September 10th. Zacks Research lowered shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Morgan Stanley cut shares of Crescent Energy to an "underweight" rating in a research note on Monday, August 3rd. Finally, Stephens raised their price objective on shares of Crescent Energy from $17.00 to $18.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.62.

Crescent Energy Stock Performance

NYSE:CRGY opened at $14.41 on Thursday. The stock has a 50-day simple moving average of $12.36 and a two-hundred day simple moving average of $12.16. Crescent Energy has a 52-week low of $7.68 and a 52-week high of $15.47. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $4.76 billion, a PE ratio of -288.06 and a beta of 1.45.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.26 billion. The company's revenue for the quarter was up 55.3% compared to the same quarter last year. Analysts forecast that Crescent Energy will post 2.17 EPS for the current year.

Institutional Investors Weigh In On Crescent Energy

Institutional investors have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP bought a new stake in Crescent Energy in the 2nd quarter valued at $1,183,000. NewEdge Advisors LLC grew its position in shares of Crescent Energy by 1.1% during the second quarter. NewEdge Advisors LLC now owns 145,918 shares of the company's stock valued at $1,433,000 after purchasing an additional 1,650 shares in the last quarter. Mraz Amerine & Associates Inc. grew its position in shares of Crescent Energy by 3.1% during the second quarter. Mraz Amerine & Associates Inc. now owns 208,065 shares of the company's stock valued at $2,043,000 after purchasing an additional 6,187 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Crescent Energy by 31.3% in the second quarter. Allworth Financial LP now owns 6,770 shares of the company's stock worth $66,000 after purchasing an additional 1,613 shares during the last quarter. Finally, Corient Private Wealth LP lifted its position in shares of Crescent Energy by 856.5% in the second quarter. Corient Private Wealth LP now owns 229,407 shares of the company's stock worth $2,253,000 after buying an additional 205,423 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 NYSE: CRGY is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.

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