Piper Sandler Forecasts Strong Price Appreciation for Crescent Energy (NYSE:CRGY) Stock

Crescent Energy (NYSE:CRGY - Get Free Report) had its price objective increased by equities researchers at Piper Sandler from $14.00 to $15.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's target price indicates a potential upside of 77.83% from the stock's current price.

CRGY has been the subject of a number of other research reports. Mizuho lowered their target price on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. KeyCorp lowered their price objective on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Raymond James Financial reiterated a "strong-buy" rating and issued a $18.00 price objective (down previously from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Finally, Wells Fargo & Company reduced their target price on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.09.

Crescent Energy Price Performance

Shares of NYSE:CRGY traded up $0.21 during trading on Thursday, reaching $8.44. 3,897,869 shares of the company traded hands, compared to its average volume of 3,460,811. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.10. Crescent Energy has a 52 week low of $6.83 and a 52 week high of $16.94. The firm has a market capitalization of $2.15 billion, a PE ratio of -18.74 and a beta of 1.74. The company's 50 day moving average is $8.99 and its two-hundred day moving average is $11.06.

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

Hedge Funds Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently bought and sold shares of CRGY. Public Employees Retirement System of Ohio grew its position in shares of Crescent Energy by 35.3% during the 4th 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 period. Hsbc Holdings PLC boosted its stake in Crescent Energy by 4.3% during the fourth quarter. Hsbc Holdings PLC now owns 18,902 shares of the company's stock worth $276,000 after acquiring an additional 785 shares in the last quarter. Dark Forest Capital Management LP grew its holdings in Crescent Energy by 4.0% in the fourth quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company's stock worth $487,000 after purchasing an additional 1,282 shares during the period. Yousif Capital Management LLC grew its holdings in Crescent Energy by 2.1% in the first quarter. Yousif Capital Management LLC now owns 66,806 shares of the company's stock worth $751,000 after purchasing an additional 1,382 shares during the period. Finally, AQR Capital Management LLC increased its stake in Crescent Energy by 8.9% in the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company's stock valued at $192,000 after purchasing an additional 1,397 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Company Profile

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.