Brokerages Set Crescent Energy Company (NYSE:CRGY) Target Price at $16.00

Crescent Energy Company (NYSE:CRGY - Get Free Report) has earned a consensus rating of "Moderate Buy" from the thirteen research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $16.00.

Several equities research analysts recently weighed in on the company. Wells Fargo & Company dropped their price target on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Piper Sandler assumed coverage on Crescent Energy in a research report on Monday, June 9th. They set an "overweight" rating and a $14.00 price target on the stock. Raymond James Financial restated a "strong-buy" rating and set a $18.00 price target (down from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. Mizuho dropped their price target on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Finally, KeyCorp dropped their target price on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Monday, April 21st.

Crescent Energy Price Performance

Shares of NYSE:CRGY traded down $0.40 on Friday, hitting $8.37. The company's stock had a trading volume of 1,963,988 shares, compared to its average volume of 3,442,801. The company has a 50-day simple moving average of $8.97 and a 200 day simple moving average of $11.18. Crescent Energy has a 1 year low of $6.83 and a 1 year high of $16.94. The company has a market capitalization of $2.14 billion, a PE ratio of -18.59 and a beta of 1.74. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.78 and a quick ratio of 0.78.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.47 by $0.09. The business had revenue of $950.17 million for the quarter, compared to analysts' expectations of $937.55 million. Crescent Energy had a positive return on equity of 14.21% and a negative net margin of 2.88%. Sell-side analysts forecast that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 5.74%. The ex-dividend date was Monday, May 19th. Crescent Energy's payout ratio is presently -106.67%.

Institutional Investors Weigh In On Crescent Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRGY. Jones Financial Companies Lllp increased its holdings in Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock worth $52,000 after purchasing an additional 2,377 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Crescent Energy by 25.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,984,820 shares of the company's stock worth $28,998,000 after purchasing an additional 398,555 shares during the period. Victory Capital Management Inc. boosted its position in Crescent Energy by 6.7% during the 4th quarter. Victory Capital Management Inc. now owns 756,002 shares of the company's stock valued at $11,045,000 after acquiring an additional 47,797 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Crescent Energy during the 4th quarter valued at $244,000. Finally, Arizona State Retirement System boosted its position in Crescent Energy by 7.4% during the 4th quarter. Arizona State Retirement System now owns 45,051 shares of the company's stock valued at $658,000 after acquiring an additional 3,100 shares in the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

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.