Crescent Energy (NYSE:CRGY) Upgraded to Buy at Wall Street Zen

Key Points

• Crescent Energy has been upgraded from a "hold" to a "buy" rating by Wall Street Zen analysts, indicating increased confidence in the company's stock performance.
• Despite the upgrade, various analysts have mixed views on the stock, with price targets ranging from $12.00 to $19.00 and an average target of $16.10.
• In its most recent quarterly earnings, Crescent Energy reported $0.43 earnings per share, surpassing expectations of $0.23 by a notable margin.

Wall Street Zen upgraded shares of Crescent Energy (NYSE:CRGY - Free Report) from a hold rating to a buy rating in a report published on Saturday morning.

A number of other research firms have also recently issued reports on CRGY. Wells Fargo & Company decreased their price target 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. Mizuho dropped 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. Piper Sandler raised 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, KeyCorp decreased their price target on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued 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 stock has a consensus rating of "Moderate Buy" and a consensus price target of $16.10.

Crescent Energy Stock Performance

CRGY traded down $0.25 on Friday, hitting $8.99. 3,001,665 shares of the company's stock were exchanged, compared to its average volume of 3,486,406. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.75. The stock has a fifty day moving average of $9.07 and a two-hundred day moving average of $10.24. Crescent Energy has a twelve month low of $6.83 and a twelve month high of $16.94. The firm has a market cap of $2.29 billion, a PE ratio of -49.92 and a beta of 1.86.

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

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a $0.48 annualized dividend and a yield of 5.3%. Crescent Energy's dividend payout ratio is currently -266.67%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CRGY. Public Employees Retirement System of Ohio raised its holdings in shares of Crescent Energy by 35.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock valued at $40,000 after purchasing an additional 705 shares during the last quarter. Hsbc Holdings PLC raised its stake in Crescent Energy by 4.3% in the fourth quarter. Hsbc Holdings PLC now owns 18,902 shares of the company's stock valued at $276,000 after purchasing an additional 785 shares in the last quarter. Yousif Capital Management LLC raised its stake in Crescent Energy by 1.6% in the second quarter. Yousif Capital Management LLC now owns 67,901 shares of the company's stock valued at $584,000 after purchasing an additional 1,095 shares in the last quarter. Dark Forest Capital Management LP raised its stake in shares of Crescent Energy by 4.0% during the fourth quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company's stock worth $487,000 after acquiring an additional 1,282 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Crescent Energy by 8.9% during the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company's stock worth $192,000 after acquiring an additional 1,397 shares in the last quarter. 52.11% of the stock is owned by 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.