Wells Fargo & Company Lowers Crescent Energy (NYSE:CRGY) Price Target to $15.00

Key Points

• Wells Fargo & Company has reduced its price target for Crescent Energy (NYSE:CRGY) from $20.00 to $15.00, maintaining an "overweight" rating on the stock.
• The current price target suggests a potential upside of 78.36% based on Crescent Energy's recent stock price of $8.41.
• Crescent Energy has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and an average target price of $15.22, alongside various ratings from other firms.

Crescent Energy (NYSE:CRGY - Get Free Report) had its price objective reduced by equities researchers at Wells Fargo & Company from $20.00 to $15.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 78.36% from the company's current price.

A number of other equities research analysts also recently commented on the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Crescent Energy in a research report on Wednesday, October 8th. Piper Sandler lifted their target price on Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Raymond James Financial set a $17.00 target price on Crescent Energy and gave the company a "strong-buy" rating in a report on Wednesday, August 27th. Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Mizuho reduced their target price on Crescent Energy from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.22.

Crescent Energy Stock Performance

Crescent Energy stock opened at $8.41 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a fifty day moving average of $9.05 and a two-hundred day moving average of $8.90. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -46.72 and a beta of 1.89. Crescent Energy has a fifty-two week low of $6.83 and a fifty-two week high of $16.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly 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 company had revenue of $897.98 million during the quarter, compared to the consensus estimate of $868.34 million. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%. On average, analysts anticipate that Crescent Energy will post 0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Brooklyn Investment Group lifted its stake in shares of Crescent Energy by 1,110.3% in the first quarter. Brooklyn Investment Group now owns 2,457 shares of the company's stock worth $28,000 after acquiring an additional 2,254 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Crescent Energy in the first quarter worth about $34,000. Osaic Holdings Inc. increased its holdings in Crescent Energy by 25.2% in the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company's stock valued at $46,000 after buying an additional 1,066 shares during the last quarter. GAMMA Investing LLC increased its holdings in Crescent Energy by 287.3% in the second quarter. GAMMA Investing LLC now owns 9,585 shares of the company's stock valued at $82,000 after buying an additional 7,110 shares during the last quarter. Finally, MQS Management LLC bought a new stake in Crescent Energy in the second quarter valued at about $91,000. 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.

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