Crescent Energy (NYSE:CRGY) Stock Rating Upgraded by UBS Group

Key Points

• UBS Group upgraded Crescent Energy (NYSE: CRGY) to a “strong-buy” rating, adding to a generally positive analyst backdrop for the stock.
• Other recent analyst actions have been mixed, but the broader consensus remains constructive: the stock currently has a Moderate Buy rating with an average price target of $15.58.
• Crescent Energy recently beat earnings and revenue estimates, reporting $0.53 EPS on $1.18 billion in revenue, while revenue rose 24.5% year over year.

Crescent Energy (NYSE:CRGY - Get Free Report) was upgraded by equities researchers at UBS Group to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

CRGY has been the subject of several other research reports. Wells Fargo & Company lifted their price target on Crescent Energy from $14.00 to $18.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. JPMorgan Chase & Co. upgraded Crescent Energy from a "neutral" rating to an "overweight" rating and set a $19.00 price target on the stock in a research report on Friday, March 20th. Zacks Research lowered Crescent Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Wall Street Zen cut Crescent Energy from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Finally, Stephens reaffirmed an "overweight" rating and set a $18.00 target price on shares of Crescent Energy in a research note on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $15.58.

Crescent Energy Stock Performance

Shares of NYSE CRGY opened at $10.19 on Tuesday. The company has a market capitalization of $3.37 billion, a PE ratio of -13.59 and a beta of 1.40. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.57 and a current ratio of 0.57. The company's fifty day moving average price is $11.29 and its 200 day moving average price is $11.08. Crescent Energy has a 1 year low of $7.68 and a 1 year high of $14.29.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The company reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.14. The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.15 billion. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The firm's revenue for the quarter was up 24.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share. On average, research analysts predict that Crescent Energy will post 1.77 earnings per share for the current year.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently made changes to their positions in CRGY. Wolverine Asset Management LLC purchased a new position in shares of Crescent Energy in the fourth quarter worth about $860,000. Legal & General Group Plc grew its stake in Crescent Energy by 27.5% during the 4th quarter. Legal & General Group Plc now owns 585,827 shares of the company's stock valued at $4,915,000 after acquiring an additional 126,330 shares in the last quarter. Vanguard Group Inc. raised its holdings in Crescent Energy by 34.6% in the 4th quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company's stock valued at $228,981,000 after acquiring an additional 7,015,982 shares during the last quarter. Pickering Energy Partners LP raised its holdings in Crescent Energy by 5,373.0% in the 4th quarter. Pickering Energy Partners LP now owns 2,189,194 shares of the company's stock valued at $18,367,000 after acquiring an additional 2,149,194 shares during the last quarter. Finally, McAlvany Wealth Management LLC purchased a new position in Crescent Energy in the 4th quarter worth approximately $1,130,000. Institutional investors and hedge funds own 52.11% of the company's stock.

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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