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

Key Points

• Wall Street Zen upgraded Crescent Energy from hold to buy, adding to a generally positive analyst backdrop for the stock.
• Overall analyst sentiment is favorable: Crescent Energy has two Strong Buy, eight Buy, three Hold, and one Sell rating, with an average Moderate Buy and a $15.73 target price.
• The company recently beat quarterly expectations, reporting $0.53 EPS versus $0.39 expected and $1.18 billion in revenue versus $1.15 billion estimated, while revenue rose 24.5% year over year.

Crescent Energy (NYSE:CRGY - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Sunday.

Other equities analysts have also issued reports about the company. Stephens reiterated an "overweight" rating and set a $18.00 price objective on shares of Crescent Energy in a research report on Tuesday, May 5th. Jefferies Financial Group reiterated a "hold" rating and set a $9.00 price objective on shares of Crescent Energy in a research report on Sunday, January 25th. Piper Sandler increased their price objective on Crescent Energy from $14.00 to $16.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Zacks Research upgraded Crescent Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 3rd. Finally, William Blair reiterated an "outperform" rating on shares of Crescent Energy in a research report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $15.73.

Crescent Energy Price Performance

Shares of Crescent Energy stock opened at $12.39 on Friday. The company has a current ratio of 0.57, a quick ratio of 1.48 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $4.06 billion, a PE ratio of -16.51 and a beta of 1.44. The business's 50-day moving average price is $12.53 and its 200-day moving average price is $10.24. Crescent Energy has a 12 month low of $7.68 and a 12 month high of $14.29.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.39 by $0.14. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The company's revenue was up 24.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 EPS. Sell-side analysts forecast that Crescent Energy will post 1.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Crescent Energy

A number of large investors have recently added to or reduced their stakes in CRGY. Strs Ohio bought a new position in shares of Crescent Energy during the first quarter valued at about $32,000. Caitlin John LLC purchased a new stake in Crescent Energy in the 3rd quarter worth approximately $27,000. Nisa Investment Advisors LLC lifted its holdings in Crescent Energy by 50.2% in the 3rd 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 lifted its holdings in Crescent Energy by 109.3% in the 4th quarter. Fifth Third Bancorp now owns 3,905 shares of the company's stock worth $33,000 after buying an additional 2,039 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in Crescent Energy by 134.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company's stock worth $33,000 after buying an additional 2,286 shares during the period. Institutional investors own 52.11% of the company's stock.

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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