Mizuho Issues Pessimistic Forecast for Crescent Energy (NYSE:CRGY) Stock Price

Key Points

• Mizuho has decreased Crescent Energy's price target from $12.00 to $10.00, while maintaining a "neutral" rating, indicating a potential upside of 17.03% based on current prices.
• Despite the downgrade from Mizuho, Crescent Energy has received several ratings upgrades, with an average rating of "Moderate Buy" and an average target price of $15.80.
• Crescent Energy's stock has shown volatility, reaching a 52-week low of $6.83 and a high of $16.94, with recent trading marked by a slight decline to $8.55.

Crescent Energy (NYSE:CRGY - Free Report) had its target price cut by Mizuho from $12.00 to $10.00 in a research note released on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. William Blair started coverage on Crescent Energy in a report on Monday, August 25th. They set an "outperform" rating for the company. Zacks Research cut Crescent Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Raymond James Financial set a $17.00 price target on Crescent Energy and gave the company a "strong-buy" rating in a research note on Wednesday, August 27th. Finally, Wells Fargo & Company cut their price target 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 equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Crescent Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.80.

Crescent Energy Stock Performance

Shares of NYSE:CRGY traded down $0.37 during trading on Monday, reaching $8.41. 11,278,216 shares of the stock were exchanged, compared to its average volume of 3,753,178. Crescent Energy has a 12 month low of $6.83 and a 12 month high of $16.94. The firm has a market cap of $2.14 billion, a PE ratio of -46.72 and a beta of 1.98. The stock has a 50-day moving average price of $9.08 and a 200-day moving average price of $9.20. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.75.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%.The company had revenue of $897.98 million during the quarter, compared to analysts' expectations of $868.34 million. Research analysts expect that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.7%. The ex-dividend date was Monday, August 18th. Crescent Energy's payout ratio is currently -266.67%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Brooklyn Investment Group raised its position in 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 in the last quarter. Public Employees Retirement System of Ohio raised its position in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock valued at $40,000 after purchasing an additional 705 shares in the last quarter. Allworth Financial LP acquired a new position in Crescent Energy during the first quarter valued at approximately $34,000. Osaic Holdings Inc. raised its position in Crescent Energy by 25.2% during the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company's stock valued at $46,000 after purchasing an additional 1,066 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Crescent Energy by 287.3% during the second quarter. GAMMA Investing LLC now owns 9,585 shares of the company's stock valued at $82,000 after purchasing an additional 7,110 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors and hedge funds.

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.