Crescent Energy (NYSE:CRGY) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Crescent Energy from “buy” 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, and revenue of $1.39 billion, up 55.3% year over year and above expectations.
• The stock opened at $13.91, near the upper end of its 52-week range of $7.68 to $15.47; institutional investors and hedge funds own approximately 52.11% of the shares.

Crescent Energy (NYSE:CRGY - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other analysts have also recently issued research reports about the stock. KeyCorp restated an "overweight" rating and issued a $19.00 price objective on shares of Crescent Energy in a research report on Thursday, June 11th. UBS Group reiterated a "buy" rating and set a $19.00 target price on shares of Crescent Energy in a report on Monday. Wells Fargo & Company decreased their target price on Crescent Energy from $24.00 to $19.00 and set an "overweight" rating for the company in a research note on Wednesday, September 2nd. Truist Financial initiated coverage on Crescent Energy in a research report on Thursday. They set a "buy" rating and a $19.00 price target on the stock. Finally, Morgan Stanley cut Crescent Energy to an "underweight" rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $17.08.

Crescent Energy Stock Down 1.4%

Crescent Energy stock opened at $13.91 on Friday. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -278.08 and a beta of 1.45. The company's 50 day simple moving average is $12.54 and its 200 day simple moving average is $12.19. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.94 and a quick ratio of 0.94. Crescent Energy has a fifty-two week low of $7.68 and a fifty-two week high of $15.47.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.26 billion. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The business's revenue was up 55.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Crescent Energy will post 2.17 EPS for the current year.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio bought a new position in Crescent Energy during the 1st quarter worth about $32,000. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Crescent Energy by 134.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company's stock valued at $33,000 after purchasing an additional 2,286 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Crescent Energy by 42.3% in the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company's stock valued at $40,000 after purchasing an additional 1,401 shares in the last quarter. NFSG Corp boosted its position in shares of Crescent Energy by 188.0% during the first quarter. NFSG Corp now owns 6,364 shares of the company's stock worth $86,000 after buying an additional 4,154 shares during the period. Finally, Merit Financial Group LLC acquired a new position in shares of Crescent Energy during the second quarter worth about $101,000. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Company Profile

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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