William Blair Initiates Coverage on Crescent Energy (NYSE:CRGY)

Key Points

• William Blair has initiated coverage on Crescent Energy (NYSE:CRGY) with an "outperform" rating, signaling positive expectations for the stock's performance.
• Recent analyst reports show mixed ratings for Crescent Energy, with a consensus rating of "Moderate Buy" and an average target price of $15.70.
• The company reported strong quarterly earnings, with $0.43 earnings per share, exceeding analyst estimates, and a revenue of $897.98 million during the quarter.

Research analysts at William Blair began coverage on shares of Crescent Energy (NYSE:CRGY - Get Free Report) in a research note issued on Monday,Benzinga reports. The firm set an "outperform" rating on the stock.

Other equities research analysts also recently issued reports about the company. Mizuho lowered their price target on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Zacks Research downgraded Crescent Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday. Piper Sandler increased their price target on Crescent Energy from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Wells Fargo & Company decreased their price objective on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Finally, Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Crescent Energy has a consensus rating of "Moderate Buy" and an average target price of $15.70.

Crescent Energy Trading Up 5.9%

NYSE CRGY opened at $9.9320 on Monday. The stock has a 50-day simple moving average of $9.13 and a 200 day simple moving average of $9.82. The company has a market capitalization of $2.53 billion, a PE ratio of -55.18 and a beta of 1.86. 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 has a 12 month low of $6.83 and a 12 month high of $16.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $868.34 million. Research analysts forecast that Crescent Energy will post 0.77 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRGY. Brooklyn Investment Group boosted 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 during the last quarter. Allworth Financial LP acquired a new position in Crescent Energy during the first quarter valued at approximately $34,000. Public Employees Retirement System of Ohio boosted 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 during the last quarter. Quarry LP boosted its position in Crescent Energy by 263.4% during the fourth quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $64,000 after purchasing an additional 3,155 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of 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. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Company Profile

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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