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

Key Points

• Zacks Research upgraded Crescent Energy from “hold” to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $17.08.
• 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.
• The stock opened at $13.62, with a market capitalization of approximately $4.50 billion; institutional investors own 52.11% of the company’s shares.

Crescent Energy (NYSE:CRGY - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Monday, Zacks reports.

A number of other equities analysts have also weighed in on the company. Stephens upped their target price on Crescent Energy from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Wells Fargo & Company lowered their target price on shares of Crescent Energy from $24.00 to $19.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 2nd. UBS Group reiterated a "buy" rating and set a $19.00 target price on shares of Crescent Energy in a research report on Monday, September 14th. Seaport Research Partners began coverage on shares of Crescent Energy in a report on Thursday, September 3rd. They issued a "sell" rating and a $12.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Crescent Energy from a "sell (d)" rating to a "hold (c)" rating in a research report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.08.

Crescent Energy Stock Performance

Crescent Energy stock opened at $13.62 on Monday. Crescent Energy has a 1-year low of $7.68 and a 1-year high of $15.47. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $4.50 billion, a PE ratio of -272.45 and a beta of 1.60. The firm's 50 day simple moving average is $13.16 and its 200 day simple moving average is $12.30.

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. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.26 billion. Crescent Energy's revenue for the quarter was up 55.3% compared to the same quarter last year. As a group, analysts expect that Crescent Energy will post 2.56 earnings per share for the current fiscal year.

Institutional Trading of Crescent Energy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP purchased a new position in shares of Crescent Energy during the second quarter worth approximately $1,183,000. NewEdge Advisors LLC lifted its holdings in shares of Crescent Energy by 1.1% in the 2nd quarter. NewEdge Advisors LLC now owns 145,918 shares of the company's stock worth $1,433,000 after acquiring an additional 1,650 shares during the last quarter. Mraz Amerine & Associates Inc. boosted its stake in shares of Crescent Energy by 3.1% in the 2nd 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 boosted its stake in shares of Crescent Energy by 31.3% in the 2nd quarter. Allworth Financial LP now owns 6,770 shares of the company's stock valued at $66,000 after purchasing an additional 1,613 shares in the last quarter. Finally, Corient Private Wealth LP grew its holdings in shares of Crescent Energy by 856.5% during the 2nd quarter. Corient Private Wealth LP now owns 229,407 shares of the company's stock valued at $2,253,000 after purchasing an additional 205,423 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company's stock.

About Crescent Energy

Crescent Energy Company is an independent, U.S.-based energy company engaged in the acquisition, development, and operation of oil and natural gas properties. Its production portfolio includes crude oil, natural gas, and natural gas liquids, with an emphasis on established assets that offer ongoing development opportunities.

The company's operations are concentrated in several major U.S. onshore producing regions, including the Eagle Ford, the Uinta Basin, and other assets across the Rocky Mountain and central United States.

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