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

Crescent Energy Company (NYSE:CRGY - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the thirteen ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $16.00.

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

Crescent Energy Price Performance

Shares of NYSE CRGY traded down $0.03 during trading on Friday, hitting $9.26. 2,048,405 shares of the company were exchanged, compared to its average volume of 3,441,568. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -20.58 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 has a 1 year low of $6.83 and a 1 year high of $16.94. The firm's fifty day moving average price is $8.97 and its 200 day moving average price is $11.22.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.09. Crescent Energy had a negative net margin of 2.88% and a positive return on equity of 14.21%. The firm had revenue of $950.17 million during the quarter, compared to the consensus estimate of $937.55 million. On average, sell-side analysts expect that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

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 $0.12 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.48 annualized dividend and a dividend yield of 5.18%. Crescent Energy's payout ratio is -106.67%.

Institutional Trading of Crescent Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Crescent Energy by 26.4% in the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company's stock valued at $303,150,000 after buying an additional 4,332,831 shares during the period. ArrowMark Colorado Holdings LLC acquired a new stake in Crescent Energy in the 4th quarter valued at about $36,593,000. Nuveen LLC acquired a new stake in Crescent Energy in the 1st quarter valued at about $21,782,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Crescent Energy by 6,700.0% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,700,000 shares of the company's stock valued at $24,837,000 after purchasing an additional 1,675,000 shares during the last quarter. Finally, Covalis Capital LLP bought a new position in shares of Crescent Energy in the 4th quarter valued at about $23,376,000. 52.11% of the stock is currently owned by institutional investors and hedge funds.

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.