Crescent Energy (NYSE:CRGY) Shares Gap Up Following Analyst Upgrade

Shares of Crescent Energy Company (NYSE:CRGY) gapped up before the market opened on Thursday after KeyCorp raised their price target on the stock from $15.00 to $19.00. The stock had previously closed at $12.73, but opened at $13.45. KeyCorp currently has an overweight rating on the stock. Crescent Energy shares last traded at $13.5670, with a volume of 865,502 shares.

Several other equities analysts also recently commented on the company. William Blair reaffirmed an “outperform” rating on shares of Crescent Energy in a research report on Friday, March 6th. Wells Fargo & Company boosted their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Tuesday, March 17th. Jefferies Financial Group restated a “hold” rating and issued a $9.00 price target on shares of Crescent Energy in a report on Sunday, January 25th. Piper Sandler raised their price target on shares of Crescent Energy from $14.00 to $16.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Finally, Zacks Research upgraded shares of Crescent Energy from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.80.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Crescent Energy by 34.6% in the 4th quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock worth $228,981,000 after purchasing an additional 7,015,982 shares in the last quarter. American Century Companies Inc. raised its stake in Crescent Energy by 8.0% in the third quarter. American Century Companies Inc. now owns 19,363,386 shares of the company’s stock valued at $172,721,000 after buying an additional 1,434,789 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Crescent Energy by 20.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,872,215 shares of the company’s stock worth $107,999,000 after acquiring an additional 2,213,352 shares in the last quarter. State Street Corp boosted its holdings in Crescent Energy by 27.6% in the fourth quarter. State Street Corp now owns 12,808,605 shares of the company’s stock worth $107,464,000 after acquiring an additional 2,767,096 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Crescent Energy by 29.0% during the fourth quarter. Geode Capital Management LLC now owns 5,592,793 shares of the company’s stock worth $46,935,000 after acquiring an additional 1,256,114 shares during the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Trading Up 5.4%

The company has a debt-to-equity ratio of 1.07, a current ratio of 1.48 and a quick ratio of 1.48. The stock has a market cap of $4.40 billion, a price-to-earnings ratio of 26.17 and a beta of 1.54. The company’s fifty day moving average price is $11.09 and its 200-day moving average price is $9.55.

Crescent Energy (NYSE:CRGY) last released its earnings results on Wednesday, February 25th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.19. The company had revenue of $865.05 million during the quarter, compared to analysts’ expectations of $884.64 million. Crescent Energy had a net margin of 3.71% and a return on equity of 8.36%. On average, research analysts expect that Crescent Energy Company will post 0.77 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, March 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.6%. Crescent Energy’s payout ratio is 92.31%.

Crescent Energy Company Profile

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.