Crescent Energy Company (NYSE:CRGY) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Crescent Energy Company (NYSE:CRGY) has received an average rating of "Moderate Buy" from fourteen brokerage firms, with nine analysts recommending a buy and one a strong buy.
• The company's shares have fluctuated between a 12-month low of $6.83 and a high of $16.94, currently priced at $9.53.
• Crescent Energy recently announced a quarterly dividend of $0.12, representing a 5.0% yield and a payout ratio of -266.67%.

Crescent Energy Company (NYSE:CRGY - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the fourteen brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $16.00.

CRGY has been the subject of several recent research reports. Wall Street Zen raised Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Mizuho lowered their price target on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company cut their price objective on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. William Blair assumed coverage on Crescent Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. Finally, Raymond James Financial set a $17.00 price target on Crescent Energy and gave the company a "strong-buy" rating in a report on Wednesday, August 27th.

Hedge Funds Weigh In On Crescent Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group grew its holdings in Crescent Energy by 1,110.3% during the first quarter. Brooklyn Investment Group now owns 2,457 shares of the company's stock valued at $28,000 after purchasing an additional 2,254 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock worth $40,000 after buying an additional 705 shares during the last quarter. Allworth Financial LP acquired a new position in shares of Crescent Energy during the first quarter worth approximately $34,000. GAMMA Investing LLC lifted its holdings in shares of Crescent Energy by 287.3% during the second quarter. GAMMA Investing LLC now owns 9,585 shares of the company's stock worth $82,000 after buying an additional 7,110 shares during the last quarter. Finally, DRW Securities LLC acquired a new position in shares of Crescent Energy during the first quarter worth approximately $115,000. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Stock Down 4.7%

Shares of NYSE CRGY traded down $0.47 during trading hours on Friday, hitting $9.44. The stock had a trading volume of 2,540,870 shares, compared to its average volume of 3,575,249. The company has a market capitalization of $2.40 billion, a P/E ratio of -52.47 and a beta of 1.98. The firm's 50-day moving average price is $9.15 and its two-hundred day moving average price is $9.60. Crescent Energy has a 52 week low of $6.83 and a 52 week high of $16.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.88 and a current ratio of 0.88.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.23 by $0.20. The business had revenue of $897.98 million during the quarter, compared to analysts' expectations of $868.34 million. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%. Analysts anticipate that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.1%. The ex-dividend date was Monday, August 18th. Crescent Energy's dividend payout ratio (DPR) is -266.67%.

About Crescent Energy

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.