Crescent Energy (NYSE:CRGY) Given Strong-Buy Rating at Raymond James Financial

Key Points

• Raymond James Financial has reiterated a "strong-buy" rating for Crescent Energy (CRGY), with a price target of $14.00, suggesting a potential upside of 48.45% from the company's previous close.
• Other analysts have mixed opinions: Mizuho has set a "neutral" rating with a price target of $12.00, while Wells Fargo has an "overweight" rating with a target of $19.00, indicating varying sentiments about the stock's direction.
• Crescent Energy reported a quarterly EPS of $0.43, surpassing expectations, with revenue of $897.98 million, reflecting strong operational performance amidst a challenging market environment.

Raymond James Financial reaffirmed their strong-buy rating on shares of Crescent Energy (NYSE:CRGY - Free Report) in a report published on Friday, MarketBeat.com reports. Raymond James Financial currently has a $14.00 target price on the stock, down from their prior target price of $16.00.

Several other research firms have also commented on CRGY. Mizuho cut their price objective on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Piper Sandler lifted their target price on Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Wells Fargo & Company decreased their target price on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $16.00.

Crescent Energy Trading Up 3.4%

NYSE:CRGY traded up $0.31 during mid-day trading on Friday, reaching $9.33. The company's stock had a trading volume of 6,762,585 shares, compared to its average volume of 3,526,684. The company's fifty day simple moving average is $9.12 and its two-hundred day simple moving average is $9.78. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.88 and a quick ratio of 0.88. Crescent Energy has a twelve month low of $6.83 and a twelve month high of $16.94. The stock has a market cap of $2.37 billion, a P/E ratio of -51.92 and a beta of 1.86.

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

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a $0.48 dividend on an annualized basis and a yield of 5.1%. Crescent Energy's payout ratio is currently -266.67%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Brooklyn Investment Group grew its stake in shares of Crescent Energy by 1,110.3% during the first quarter. Brooklyn Investment Group now owns 2,457 shares of the company's stock valued at $28,000 after purchasing an additional 2,254 shares during the last quarter. Allworth Financial LP purchased a new stake in shares of Crescent Energy during the 1st quarter valued at $34,000. Public Employees Retirement System of Ohio raised its holdings in shares of Crescent Energy by 35.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock worth $40,000 after purchasing an additional 705 shares during the period. Quarry LP raised its holdings in shares of Crescent Energy by 263.4% in the 4th quarter. Quarry LP now owns 4,353 shares of the company's stock worth $64,000 after purchasing an additional 3,155 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Crescent Energy by 287.3% in the 2nd quarter. GAMMA Investing LLC now owns 9,585 shares of the company's stock worth $82,000 after purchasing an additional 7,110 shares during the period. Institutional investors and hedge funds own 52.11% of the company's stock.

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.