Crescent Energy (NYSE:CRGY) Price Target Cut to $19.00

Crescent Energy (NYSE:CRGY) had its price target cut by Truist Financial from $20.00 to $19.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 56.70% from the company’s previous close.

A number of other brokerages have also recently commented on CRGY. Tudor, Pickering, Holt & Co. began coverage on Crescent Energy in a report on Wednesday, April 10th. They issued a “buy” rating and a $18.00 target price on the stock. Wells Fargo & Company raised their target price on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. Wolfe Research initiated coverage on Crescent Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 target price on the stock. Mizuho raised their price target on Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Finally, KeyCorp initiated coverage on Crescent Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $16.00 price target on the stock. One analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Crescent Energy currently has an average rating of “Buy” and a consensus target price of $16.40.

Crescent Energy Stock Down 0.2 %

CRGY stock opened at $12.13 on Monday. Crescent Energy has a 1 year low of $10.11 and a 1 year high of $14.22. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The stock’s fifty day moving average price is $12.15 and its 200-day moving average price is $11.58.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, May 6th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.28. Crescent Energy had a positive return on equity of 12.90% and a negative net margin of 0.67%. The company had revenue of $657.47 million for the quarter, compared to analysts’ expectations of $579.44 million. Equities analysts anticipate that Crescent Energy will post 1.66 earnings per share for the current year.

Institutional Investors Weigh In On Crescent Energy

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC raised its position in shares of Crescent Energy by 618.9% in the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after acquiring an additional 1,832 shares during the period. GAMMA Investing LLC raised its position in shares of Crescent Energy by 186.5% in the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock worth $54,000 after acquiring an additional 2,934 shares during the period. Amalgamated Bank raised its position in shares of Crescent Energy by 58.5% in the fourth quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock worth $98,000 after acquiring an additional 2,748 shares during the period. Equitec Proprietary Markets LLC acquired a new position in shares of Crescent Energy in the second quarter worth about $107,000. Finally, J.W. Cole Advisors Inc. acquired a new position in shares of Crescent Energy in the fourth quarter worth about $136,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

About Crescent Energy

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.