Crescent Energy (NYSE:CRGY) Shares Gap Up After Analyst Upgrade

Key Points

• Shares gapped up after KeyCorp raised its price target from $15 to $19 and kept an overweight rating; the stock opened at $13.45 (prior close $12.73) and was trading around $13.57 on heavy volume, up about 5.4%.
• Multiple brokerages have recently increased ratings or targets (including JPMorgan to overweight/$19 and Piper Sandler to $16), and analysts' consensus is a Moderate Buy with an average price target of $14.80.
• Crescent Energy reported an EPS beat of $0.49 vs. $0.30, paid a $0.12 quarterly dividend (annualized $0.48, ~3.6% yield) and has a high payout ratio of about 92%.

Crescent Energy Company (NYSE:CRGY - Get Free Report)'s share price gapped up before the market opened on Thursday after KeyCorp raised their price target on the stock from $15.00 to $19.00. The stock had previously closed at $12.73, but opened at $13.45. KeyCorp currently has an overweight rating on the stock. Crescent Energy shares last traded at $13.5670, with a volume of 865,502 shares trading hands.

Several other brokerages have also recently issued reports on CRGY. JPMorgan Chase & Co. raised Crescent Energy from a "neutral" rating to an "overweight" rating and set a $19.00 price objective on the stock in a report on Friday, March 20th. Piper Sandler boosted their price target on shares of Crescent Energy from $14.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. Mizuho upped their price target on shares of Crescent Energy from $11.00 to $12.00 and gave the company a "neutral" rating in a research note on Friday, December 12th. Zacks Research upgraded shares of Crescent Energy from a "strong sell" rating to a "hold" rating in a research report on Tuesday, January 20th. Finally, Evercore began coverage on shares of Crescent Energy in a research note on Tuesday, December 16th. They issued an "outperform" rating and a $13.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $14.80.

Hedge Funds Weigh In On Crescent Energy

Several large investors have recently modified their holdings of the stock. Caitlin John LLC purchased a new stake in Crescent Energy during the 3rd quarter valued at $27,000. Nisa Investment Advisors LLC boosted its stake in Crescent Energy by 50.2% during the third quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the company's stock worth $33,000 after buying an additional 1,241 shares during the period. Fifth Third Bancorp increased its position in Crescent Energy by 109.3% during the fourth quarter. Fifth Third Bancorp now owns 3,905 shares of the company's stock valued at $33,000 after acquiring an additional 2,039 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in Crescent Energy by 134.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company's stock valued at $33,000 after acquiring an additional 2,286 shares during the last quarter. Finally, Quarry LP raised its stake in shares of Crescent Energy by 303.5% in the third quarter. Quarry LP now owns 4,152 shares of the company's stock valued at $37,000 after acquiring an additional 3,123 shares during the period. Institutional investors own 52.11% of the company's stock.

Crescent Energy Trading Up 5.4%

The company's 50 day moving average price is $11.09 and its two-hundred day moving average price is $9.55. The firm has a market cap of $4.40 billion, a PE ratio of 26.17 and a beta of 1.54. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.07.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.30 by $0.19. Crescent Energy had a net margin of 3.71% and a return on equity of 8.36%. The company had revenue of $865.05 million for the quarter, compared to the consensus estimate of $884.64 million. As a group, sell-side analysts forecast that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, March 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.6%. Crescent Energy's dividend payout ratio is currently 92.31%.

About Crescent Energy

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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