Raymond James Forecasts Strong Price Appreciation for Crescent Energy (NYSE:CRGY) Stock

Crescent Energy (NYSE:CRGY) had its target price boosted by Raymond James from $19.00 to $20.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a strong-buy rating on the stock.

Other analysts also recently issued reports about the stock. Mizuho upped their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Pickering Energy Partners began coverage on shares of Crescent Energy in a research note on Monday, October 28th. They issued an “outperform” rating on the stock. Truist Financial dropped their price target on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Wells Fargo & Company dropped their price target on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. began coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Crescent Energy has an average rating of “Buy” and a consensus target price of $16.30.

Crescent Energy Stock Up 4.3 %

NYSE:CRGY opened at $15.18 on Thursday. The firm’s 50-day moving average price is $12.58 and its 200-day moving average price is $12.05. The company has a market capitalization of $3.47 billion, a PE ratio of 24.48 and a beta of 2.19. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $15.53.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. The firm had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same period in the prior year, the firm earned $0.35 EPS. On average, equities analysts predict that Crescent Energy will post 0.97 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.16%. The ex-dividend date is Monday, November 18th. Crescent Energy’s dividend payout ratio is currently 77.42%.

Hedge Funds Weigh In On Crescent Energy

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Crescent Energy by 13.9% in the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock worth $110,775,000 after purchasing an additional 1,137,367 shares during the period. American Century Companies Inc. lifted its stake in shares of Crescent Energy by 444.8% in the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after purchasing an additional 6,348,598 shares during the period. State Street Corp lifted its stake in shares of Crescent Energy by 78.6% in the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after purchasing an additional 2,986,468 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Crescent Energy by 0.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,698,678 shares of the company’s stock worth $40,501,000 after purchasing an additional 33,626 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Crescent Energy by 53.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock worth $36,741,000 after purchasing an additional 1,164,306 shares during the period. Institutional investors own 52.11% of the company’s stock.

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.