Crescent Energy (NYSE:CRGY) Hits New 12-Month High After Analyst Upgrade

Crescent Energy Company (NYSE:CRGY) hit a new 52-week high during mid-day trading on Thursday after Raymond James Financial raised their price target on the stock from $19.00 to $20.00. Raymond James Financial currently has a strong-buy rating on the stock. Crescent Energy traded as high as $14.60 and last traded at $14.3320, with a volume of 221751 shares changing hands. The stock had previously closed at $14.24.

CRGY has been the subject of several other reports. Zacks Research downgraded Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. KeyCorp reissued an “overweight” rating and set a $19.00 price target on shares of Crescent Energy in a research report on Thursday, June 11th. Seaport Research Partners started coverage on Crescent Energy in a report on Thursday, September 3rd. They issued a “sell” rating and a $12.00 price target for the company. Stephens upped their price objective on Crescent Energy from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings raised Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Crescent Energy presently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds have recently made changes to their positions in CRGY. Strs Ohio purchased a new position in Crescent Energy during the first quarter worth about $32,000. Nomura Asset Management Co. Ltd. boosted its stake in Crescent Energy by 134.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock worth $33,000 after buying an additional 2,286 shares during the last quarter. Quarry LP grew its holdings in Crescent Energy by 303.5% in the 3rd quarter. Quarry LP now owns 4,152 shares of the company’s stock valued at $37,000 after buying an additional 3,123 shares during the period. Allworth Financial LP grew its holdings in Crescent Energy by 42.3% in the 4th quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock valued at $40,000 after buying an additional 1,401 shares during the period. Finally, Osaic Holdings Inc. increased its stake in shares of Crescent Energy by 25.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock valued at $46,000 after acquiring an additional 1,066 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Stock Performance

The company has a market cap of $4.85 billion, a price-to-earnings ratio of -293.24 and a beta of 1.45. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00. The stock’s 50 day moving average price is $12.04 and its 200 day moving average price is $12.05.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Crescent Energy’s quarterly revenue was up 55.3% compared to the same quarter last year. On average, analysts expect that Crescent Energy Company will post 2.07 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, August 17th. Crescent Energy’s payout ratio is -960.00%.

Crescent Energy Company Profile

Crescent Energy Company (NYSE: CRGY) is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.