Wells Fargo & Company Boosts Crescent Energy (NYSE:CRGY) Price Target to $20.00

Crescent Energy (NYSE:CRGY) had its price objective hoisted by Wells Fargo & Company from $19.00 to $20.00 in a research report released on Monday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research firms have also recently commented on CRGY. Mizuho reissued a neutral rating and set a $13.00 target price (down previously from $14.00) on shares of Crescent Energy in a research note on Friday, March 22nd. TheStreet upgraded shares of Crescent Energy from a d rating to a c- rating in a research report on Wednesday, February 14th. Raymond James reduced their price objective on shares of Crescent Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a research report on Wednesday, January 24th. Tudor, Pickering, Holt & Co. assumed coverage on shares of Crescent Energy in a research report on Wednesday, April 10th. They set a buy rating and a $18.00 price objective for the company. Finally, Truist Financial reduced their price objective on shares of Crescent Energy from $23.00 to $19.00 and set a buy rating for the company in a research report on Friday, April 5th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Buy and a consensus price target of $16.38.

Crescent Energy Stock Down 0.3 %

CRGY stock opened at $10.74 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.98. Crescent Energy has a fifty-two week low of $9.17 and a fifty-two week high of $14.22. The firm’s 50-day simple moving average is $11.29 and its 200 day simple moving average is $11.55. The stock has a market cap of $1.93 billion, a PE ratio of 8.33 and a beta of 2.24.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, March 4th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.37. The business had revenue of $657.73 million for the quarter, compared to analysts’ expectations of $584.12 million. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. As a group, sell-side analysts predict that Crescent Energy will post 0.99 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.47%. The ex-dividend date was Thursday, March 14th. Crescent Energy’s payout ratio is 37.21%.

Insiders Place Their Bets

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

Institutional Trading of Crescent Energy

A number of hedge funds have recently made changes to their positions in the stock. Magnolia Capital Advisors LLC lifted its position in shares of Crescent Energy by 0.8% in the third quarter. Magnolia Capital Advisors LLC now owns 125,509 shares of the company’s stock worth $1,550,000 after purchasing an additional 982 shares in the last quarter. Ziegler Capital Management LLC lifted its position in shares of Crescent Energy by 5.6% in the fourth quarter. Ziegler Capital Management LLC now owns 51,278 shares of the company’s stock worth $677,000 after purchasing an additional 2,734 shares in the last quarter. Amalgamated Bank raised its position in Crescent Energy by 58.5% during the fourth quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock valued at $98,000 after acquiring an additional 2,748 shares in the last quarter. GAMMA Investing LLC raised 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 valued at $54,000 after acquiring an additional 2,934 shares in the last quarter. Finally, Arizona State Retirement System raised its position in Crescent Energy by 26.5% during the fourth quarter. Arizona State Retirement System now owns 21,879 shares of the company’s stock valued at $289,000 after acquiring an additional 4,577 shares in the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Company Profile

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 Eagle Ford and Uinta basins. The company is based in Houston, Texas.