Zacks Research Downgrades Crescent Energy (NYSE:CRGY) to Hold

Key Points

• Crescent Energy has been downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating, which reflects a shift in analyst sentiment towards the stock.
• The stock's price target has recently seen several adjustments, with a current consensus target of $15.70, indicating varied outlooks from different brokerages over the past months.
• Crescent Energy's recent quarterly earnings exceeded analysts' expectations, reporting $0.43 EPS compared to the expected $0.23 EPS, showcasing the company's stronger financial performance.

Crescent Energy (NYSE:CRGY - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday, August 21st,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company decreased their price objective on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Wall Street Zen raised shares of Crescent Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $14.00 price objective (down previously from $16.00) on shares of Crescent Energy in a report on Friday, August 22nd. Piper Sandler lifted their price objective on shares of Crescent Energy from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Finally, Mizuho decreased their price objective on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $16.00.

Crescent Energy Stock Up 0.8%

Shares of CRGY stock traded up $0.08 during mid-day trading on Thursday, reaching $9.38. 2,181,108 shares of the company were exchanged, compared to its average volume of 3,552,509. The company has a market capitalization of $2.39 billion, a P/E ratio of -52.08 and a beta of 1.86. The business's 50 day simple moving average is $9.11 and its 200 day simple moving average is $9.78. 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 has a fifty-two week low of $6.83 and a fifty-two week high of $16.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $0.43 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. The firm had revenue of $897.98 million during the quarter, compared to the consensus estimate of $868.34 million. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. Research analysts predict that Crescent Energy will post 0.77 earnings per share for the current year.

Institutional Investors Weigh In On Crescent Energy

A number of hedge funds and other institutional investors have recently modified their holdings of CRGY. American Century Companies Inc. raised its stake in shares of Crescent Energy by 28.4% during the second quarter. American Century Companies Inc. now owns 17,928,597 shares of the company's stock valued at $154,186,000 after purchasing an additional 3,960,998 shares in the last quarter. ArrowMark Colorado Holdings LLC bought a new stake in shares of Crescent Energy during the fourth quarter valued at about $36,593,000. Nuveen LLC bought a new stake in shares of Crescent Energy during the first quarter valued at about $21,782,000. Adage Capital Partners GP L.L.C. raised its stake in shares of Crescent Energy by 6,700.0% during the fourth 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 in the last quarter. Finally, Alyeska Investment Group L.P. raised its stake in shares of Crescent Energy by 452.3% during the first quarter. Alyeska Investment Group L.P. now owns 1,585,185 shares of the company's stock valued at $17,817,000 after purchasing an additional 1,298,155 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors.

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.