Crescent Energy (NYSE:CRGY) Reaches New 52-Week High on Analyst Upgrade

Key Points

• Crescent Energy shares hit a new 52-week high after Wells Fargo raised its price target to $14 and maintained an overweight rating, while other firms (including Piper Sandler raising its target to $16) have boosted targets, leaving a consensus price target of $13.13 and a "Moderate Buy" average rating.
• The company reported an earnings beat for the quarter with EPS of $0.49 versus $0.30 expected and revenue of $865.05 million, and analysts forecast about $0.77 in EPS for the current year.
• Crescent announced a quarterly dividend of $0.12 (annualized $0.48) for a ~3.9% yield, though the dividend payout ratio is elevated at 92.31%.

Crescent Energy Company (NYSE:CRGY - Get Free Report)'s share price hit a new 52-week high on Wednesday after Wells Fargo & Company raised their price target on the stock from $13.00 to $14.00. Wells Fargo & Company currently has an overweight rating on the stock. Crescent Energy traded as high as $12.44 and last traded at $12.4440, with a volume of 1032464 shares. The stock had previously closed at $12.15.

CRGY has been the topic of several other reports. Piper Sandler upped their price target on shares of Crescent Energy from $14.00 to $16.00 and gave the company an "overweight" rating in a report on Thursday, March 12th. Weiss Ratings raised shares of Crescent Energy from a "sell (d+)" rating to a "hold (c)" rating in a research note on Friday, February 27th. Jefferies Financial Group reaffirmed a "hold" rating and set a $9.00 target price on shares of Crescent Energy in a research note on Sunday, January 25th. Mizuho increased their price target on Crescent Energy from $11.00 to $12.00 and gave the stock a "neutral" rating in a report on Friday, December 12th. Finally, Evercore started coverage on Crescent Energy in a research note on Tuesday, December 16th. They set an "outperform" rating and a $13.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $13.13.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors have recently modified their holdings of CRGY. Corient Private Wealth LLC raised its stake in shares of Crescent Energy by 62.6% during the fourth quarter. Corient Private Wealth LLC now owns 28,731 shares of the company's stock valued at $241,000 after acquiring an additional 11,063 shares in the last quarter. Alpine Global Management LLC bought a new position in Crescent Energy in the fourth quarter worth approximately $183,000. MidFirst Bank purchased a new position in Crescent Energy during the 4th quarter worth $232,000. Sunbelt Securities Inc. increased its holdings in Crescent Energy by 9.7% during the 4th quarter. Sunbelt Securities Inc. now owns 150,343 shares of the company's stock worth $1,261,000 after purchasing an additional 13,344 shares during the period. Finally, Invesco Ltd. raised its position in Crescent Energy by 38.8% during the 4th quarter. Invesco Ltd. now owns 2,260,663 shares of the company's stock valued at $18,967,000 after purchasing an additional 632,147 shares in the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Trading Up 2.3%

The firm has a market capitalization of $4.07 billion, a P/E ratio of 23.92 and a beta of 1.57. The stock has a 50-day simple moving average of $10.04 and a two-hundred day simple moving average of $9.24. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.07.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.19. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%.The firm had revenue of $865.05 million during the quarter, compared to the consensus estimate of $884.64 million. On average, equities research analysts anticipate that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 11th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Wednesday, March 11th. Crescent Energy's dividend payout ratio (DPR) is presently 92.31%.

Crescent Energy Company Profile

Crescent Energy Co NYSE: CRGY is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company's core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy's integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy's operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin's stacked pay intervals.

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