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

Key Points

• Analysts maintain a Moderate Buy consensus on Crescent Energy, with 9 buy ratings, 1 strong buy, 4 holds and 2 sells. The average 12-month price target is $16.33, above the reported share price of $12.20.
• Crescent Energy exceeded quarterly expectations, reporting $0.69 EPS versus the $0.59 consensus and $1.39 billion in revenue, up 55.3% year over year.
• The company declared a quarterly dividend of $0.12 per share, equivalent to $0.48 annually and a 3.9% yield; institutional investors own 52.11% of the stock.

Shares of Crescent Energy Company (NYSE:CRGY - Get Free Report) have been given an average recommendation of "Moderate Buy" by the sixteen research firms that are presently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $16.3333.

CRGY has been the subject of several recent research reports. UBS Group increased their price objective on Crescent Energy from $13.00 to $14.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Morgan Stanley lowered Crescent Energy to an "underweight" rating in a research report on Monday, August 3rd. Zacks Research downgraded Crescent Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. Finally, Mizuho lifted their price target on Crescent Energy from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th.

Crescent Energy Stock Performance

Shares of CRGY opened at $12.20 on Friday. The company has a market capitalization of $4.03 billion, a PE ratio of -243.85 and a beta of 1.41. 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 company's 50 day moving average price is $10.74 and its 200 day moving average price is $11.51. Crescent Energy has a 52 week low of $7.68 and a 52 week high of $14.29.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.26 billion. The company's revenue was up 55.3% on a year-over-year basis. Research analysts expect that Crescent Energy will post 2.07 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be issued a $0.12 dividend. The ex-dividend date is Monday, August 17th. This represents a $0.48 dividend on an annualized basis and a yield of 3.9%. Crescent Energy's dividend payout ratio is currently -960.00%.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP grew its stake in Crescent Energy by 29.0% in the 1st quarter. First Trust Advisors LP now owns 1,542,176 shares of the company's stock valued at $20,819,000 after buying an additional 346,242 shares during the last quarter. Kohlberg Kravis Roberts & Co. L.P. raised its holdings in Crescent Energy by 7.1% in the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company's stock worth $386,847,000 after acquiring an additional 1,897,230 shares during the period. Jennison Associates LLC lifted its position in Crescent Energy by 74.1% during the 1st quarter. Jennison Associates LLC now owns 4,254,407 shares of the company's stock worth $57,435,000 after acquiring an additional 1,810,225 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in Crescent Energy during the 4th quarter worth $860,000. Finally, Legal & General Group Plc boosted its holdings in Crescent Energy by 27.5% during the fourth quarter. Legal & General Group Plc now owns 585,827 shares of the company's stock valued at $4,915,000 after acquiring an additional 126,330 shares during the period. Institutional investors 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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