Crescent Energy (NYSE:CRGY) Rating Increased to Strong-Buy at Wells Fargo & Company

Key Points

• Wells Fargo upgraded Crescent Energy to “strong buy,” adding to a generally positive analyst outlook. The stock has a consensus “Moderate Buy” rating and an average price target of $15.92.
• Crescent Energy reported quarterly EPS of $0.69, beating estimates of $0.59, while revenue reached $1.39 billion, up 55.3% year over year and above expectations.
• Shares opened at $14.29, near the company’s 52-week high of $14.54, with a market capitalization of approximately $4.72 billion. Institutional investors own 52.11% of the stock.

Crescent Energy (NYSE:CRGY - Get Free Report) was upgraded by equities research analysts at Wells Fargo & Company to a "strong-buy" rating in a research report issued on Wednesday, Zacks reports.

A number of other equities analysts also recently issued reports on CRGY. KeyCorp reissued an "overweight" rating and set a $19.00 price target on shares of Crescent Energy in a research report on Thursday, June 11th. UBS Group upped their price objective on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Crescent Energy from a "sell (d)" rating to a "hold (c)" rating in a report on Monday, August 17th. Stephens raised their target price 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. Finally, Zacks Research lowered shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Crescent Energy has a consensus rating of "Moderate Buy" and an average price target of $15.92.

Crescent Energy Price Performance

Crescent Energy stock opened at $14.29 on Wednesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of -285.70 and a beta of 1.45. The firm has a 50-day moving average of $11.42 and a two-hundred day moving average of $11.88. Crescent Energy has a 1 year low of $7.68 and a 1 year high of $14.54.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. The firm 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 company's revenue was up 55.3% compared to the same quarter last year. On average, research analysts forecast that Crescent Energy will post 2.07 earnings per share for the current year.

Hedge Funds Weigh In On Crescent Energy

A number of large investors have recently added to or reduced their stakes in CRGY. Osaic Holdings Inc. boosted its holdings in shares of Crescent Energy by 25.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,301 shares of the company's stock valued at $46,000 after buying an additional 1,066 shares in the last quarter. Sunbelt Securities Inc. grew its position in shares of Crescent Energy by 0.7% in the 1st quarter. Sunbelt Securities Inc. now owns 151,416 shares of the company's stock worth $2,044,000 after buying an additional 1,073 shares during the last quarter. First Citizens Bank & Trust Co. raised its stake in shares of Crescent Energy by 1.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 65,241 shares of the company's stock worth $547,000 after acquiring an additional 1,152 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Crescent Energy by 2.0% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 62,706 shares of the company's stock worth $526,000 after acquiring an additional 1,245 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in Crescent Energy by 8.9% during the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company's stock valued at $192,000 after acquiring an additional 1,397 shares during the last quarter. 52.11% of the stock is currently owned by 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.

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