Crescent Energy (NYSE:CRGY) Coverage Initiated at Truist Financial

Stock analysts at Truist Financial initiated coverage on shares of Crescent Energy (NYSE:CRGY) in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage set a “buy” rating and a $19.00 price target on the stock. Truist Financial’s price target points to a potential upside of 31.89% from the company’s previous close.

A number of other analysts also recently weighed in on CRGY. UBS Group restated a “buy” rating and issued a $19.00 target price on shares of Crescent Energy in a report on Monday. Wall Street Zen raised Crescent Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Raymond James Financial restated a “strong-buy” rating on shares of Crescent Energy in a research report on Thursday, September 10th. Zacks Research lowered Crescent Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Finally, Mizuho lifted their target price on Crescent Energy from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.62.

Crescent Energy Trading Down 6.3%

Shares of CRGY opened at $14.41 on Thursday. The company’s fifty day moving average is $12.36 and its 200 day moving average is $12.16. Crescent Energy has a fifty-two week low of $7.68 and a fifty-two week high of $15.47. The stock has a market capitalization of $4.76 billion, a PE ratio of -288.06 and a beta of 1.45. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.94 and a current ratio of 0.94.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.26 billion. The business’s revenue was up 55.3% on a year-over-year basis. Sell-side analysts expect that Crescent Energy will post 2.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds have recently added to or reduced their stakes in CRGY. Bank of America Corp DE lifted its holdings in shares of Crescent Energy by 308.2% in the 1st quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock worth $41,267,000 after buying an additional 2,307,971 shares during the period. Pickering Energy Partners LP raised its holdings in shares of Crescent Energy by 5,373.0% in the fourth quarter. Pickering Energy Partners LP now owns 2,189,194 shares of the company’s stock valued at $18,367,000 after acquiring an additional 2,149,194 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Crescent Energy in the second quarter worth about $19,415,000. Kohlberg Kravis Roberts & Co. L.P. lifted its stake in Crescent Energy by 7.1% in the first quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock worth $386,847,000 after acquiring an additional 1,897,230 shares during the period. Finally, Jennison Associates LLC lifted its stake in Crescent Energy by 74.1% in the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock worth $57,435,000 after acquiring an additional 1,810,225 shares during the period. 52.11% of the stock is currently owned by institutional investors.

About Crescent Energy

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.