Truist Financial Lowers Crescent Energy (NYSE:CRGY) Price Target to $19.00

Crescent Energy (NYSE:CRGY - Free Report) had its target price lowered by Truist Financial from $23.00 to $19.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

CRGY has been the topic of a number of other reports. Mizuho reiterated a neutral rating and issued a $13.00 price target (down from $14.00) on shares of Crescent Energy in a research report on Friday, March 22nd. Raymond James cut their price target on shares of Crescent Energy from $16.00 to $15.00 and set a strong-buy rating on the stock in a research report on Wednesday, January 24th. Stephens reiterated an overweight rating and issued a $17.00 price target on shares of Crescent Energy in a research report on Tuesday, March 5th. Finally, TheStreet upgraded shares of Crescent Energy from a d rating to a c- rating in a research report on Wednesday, February 14th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Crescent Energy has a consensus rating of Buy and an average price target of $16.00.

Crescent Energy Trading Up 2.0 %

Shares of NYSE CRGY traded up $0.24 during mid-day trading on Friday, hitting $11.98. The company's stock had a trading volume of 3,843,915 shares, compared to its average volume of 1,336,966. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 9.29, a price-to-earnings-growth ratio of 0.88 and a beta of 2.24. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.82 and a quick ratio of 0.82. Crescent Energy has a one year low of $9.17 and a one year high of $14.22. The company's fifty day simple moving average is $11.18 and its 200-day simple moving average is $11.60.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its earnings results on Monday, March 4th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.37. The company had revenue of $657.73 million for the quarter, compared to analyst estimates of $584.12 million. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. On average, sell-side analysts anticipate that Crescent Energy will post 1.28 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.48 annualized dividend and a yield of 4.01%. Crescent Energy's dividend payout ratio (DPR) is currently 37.21%.

Insiders Place Their Bets

In other news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the firm's stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $9.87, for a total transaction of $136,206,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 13.20% of the company's stock.

Hedge Funds Weigh In On Crescent Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Crescent Energy by 186.5% during the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company's stock worth $54,000 after purchasing an additional 2,934 shares during the period. Northside Capital Management LLC acquired a new position in shares of Crescent Energy in the first quarter valued at approximately $4,453,000. Vanguard Group Inc. increased its position in Crescent Energy by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 8,171,426 shares of the company's stock valued at $107,945,000 after purchasing an additional 530,199 shares during the period. Goldman Sachs Group Inc. increased its position in Crescent Energy by 128.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 239,479 shares of the company's stock valued at $3,164,000 after purchasing an additional 134,529 shares during the period. Finally, American International Group Inc. increased its position in Crescent Energy by 100.8% during the 4th quarter. American International Group Inc. now owns 38,332 shares of the company's stock valued at $506,000 after purchasing an additional 19,240 shares during the period. 52.11% of the stock is currently owned by institutional investors and hedge funds.

About Crescent Energy

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven regions, including the Eagle Ford, Marcellus, Utica, and Rockies in the United States.