Wells Fargo & Company Trims Crescent Energy (NYSE:CRGY) Target Price to $20.00

Crescent Energy (NYSE:CRGY) had its target price lowered by Wells Fargo & Company from $21.00 to $20.00 in a report released on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other brokerages have also commented on CRGY. Stephens reaffirmed an overweight rating and issued a $20.00 price objective on shares of Crescent Energy in a research report on Tuesday, August 6th. Truist Financial dropped their price objective on Crescent Energy from $19.00 to $15.00 and set a buy rating on the stock in a research note on Monday. Wolfe Research began coverage on Crescent Energy in a research report on Thursday, July 18th. They issued an outperform rating and a $16.00 target price for the company. KeyCorp initiated coverage on Crescent Energy in a research note on Thursday, June 27th. They issued an overweight rating and a $16.00 target price on the stock. Finally, JPMorgan Chase & Co. started coverage on Crescent Energy in a research note on Wednesday, September 18th. They set a neutral rating and a $12.00 price target for the company. Two analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $16.20.

Crescent Energy Stock Performance

CRGY stock opened at $12.49 on Tuesday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13. The firm has a market cap of $2.22 billion, a PE ratio of -62.45 and a beta of 2.19. The business has a 50 day moving average of $11.20 and a 200-day moving average of $11.60. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $13.85.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The firm had revenue of $653.28 million during the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. As a group, sell-side analysts expect that Crescent Energy will post 1.5 earnings per share for the current year.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.84%. Crescent Energy’s dividend payout ratio (DPR) is presently -240.00%.

Insider Transactions at Crescent Energy

In related news, Director Michael Duginski bought 9,344 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average cost of $10.62 per share, with a total value of $99,233.28. Following the completion of the purchase, the director now directly owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders acquired 12,294 shares of company stock valued at $131,297. 13.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crescent Energy

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC raised its holdings in shares of Crescent Energy by 618.9% during the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after buying an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Crescent Energy during the second quarter valued at approximately $32,000. Spirit of America Management Corp NY purchased a new position in shares of Crescent Energy during the second quarter worth approximately $36,000. GAMMA Investing LLC lifted its holdings in shares of Crescent Energy by 186.5% in the 1st 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 last quarter. Finally, Equitec Proprietary Markets LLC purchased a new stake in shares of Crescent Energy in the 2nd quarter valued at $107,000. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Company Profile

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.