Crescent Energy (NYSE:CRGY) Price Target Raised to $20.00 at Raymond James Financial

Key Points

• Raymond James raised Crescent Energy’s price target to $20 from $19 and maintained a “strong-buy” rating, implying roughly 37% upside from the reported $14.57 share price.
• Analyst sentiment is mixed but leans positive: Crescent Energy has a consensus “Moderate Buy” rating and an average price target of $16, based on one Strong Buy, nine Buys, five Holds and one Sell.
• The company exceeded quarterly expectations, reporting $0.69 in earnings per share versus $0.59 expected and $1.39 billion in revenue, up 55.3% year over year; institutional investors own 52.11% of the stock.

Crescent Energy (NYSE:CRGY - Get Free Report) had its price objective lifted by analysts at Raymond James Financial from $19.00 to $20.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a "strong-buy" rating on the stock. Raymond James Financial's price target would indicate a potential upside of 37.22% from the company's current price.

Other analysts have also recently issued research reports about the stock. Morgan Stanley cut shares of Crescent Energy to an "underweight" rating in a report on Monday, August 3rd. Wall Street Zen raised shares of Crescent Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Seaport Research Partners assumed coverage on shares of Crescent Energy in a research report on Thursday, September 3rd. They set a "sell" rating and a $12.00 price target on the stock. Weiss Ratings raised shares of Crescent Energy from a "sell (d)" rating to a "hold (c)" rating in a research note on Monday, August 17th. Finally, Wells Fargo & Company lowered their price objective on shares of Crescent Energy from $24.00 to $19.00 and set an "overweight" rating for the company in a report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.00.

Crescent Energy Trading Up 2.4%

Shares of NYSE CRGY traded up $0.34 during trading hours on Thursday, hitting $14.57. The company's stock had a trading volume of 2,930,063 shares, compared to its average volume of 6,944,524. 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 stock has a market cap of $4.82 billion, a price-to-earnings ratio of -291.64 and a beta of 1.45. Crescent Energy has a 12 month low of $7.68 and a 12 month high of $14.60. The business has a 50-day simple moving average of $11.83 and a 200-day simple moving average of $12.01.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.26 billion. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The business's revenue was up 55.3% compared to the same quarter last year. On average, analysts anticipate that Crescent Energy will post 2.07 earnings per share for the current fiscal year.

Institutional Trading of Crescent Energy

A number of institutional investors have recently made changes to their positions in CRGY. Engineers Gate Manager LP purchased a new position in shares of Crescent Energy in the 2nd quarter valued at approximately $1,183,000. NewEdge Advisors LLC lifted its holdings 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 worth $1,433,000 after purchasing an additional 1,650 shares during the period. Mraz Amerine & Associates Inc. boosted its position in Crescent Energy by 3.1% in the second quarter. Mraz Amerine & Associates Inc. now owns 208,065 shares of the company's stock valued at $2,043,000 after buying an additional 6,187 shares during the last quarter. Allworth Financial LP increased its holdings in Crescent Energy by 31.3% in the 2nd quarter. Allworth Financial LP now owns 6,770 shares of the company's stock worth $66,000 after buying an additional 1,613 shares during the period. Finally, Corient Private Wealth LP raised its position in Crescent Energy by 856.5% during the 2nd 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 during the last quarter. Institutional investors and hedge funds own 52.11% of the company's stock.

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.

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