Crescent Energy (NYSE:CRGY) Price Target Cut to $13.00 by Analysts at Mizuho

Crescent Energy (NYSE:CRGY) had its target price lowered by Mizuho from $14.00 to $13.00 in a research note published on Monday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other analysts have also commented on CRGY. KeyCorp initiated coverage on Crescent Energy in a research note on Thursday, June 27th. They set an overweight rating and a $16.00 price objective on the stock. Wells Fargo & Company raised their price target on shares of Crescent Energy from $20.00 to $21.00 and gave the stock an overweight rating in a research note on Thursday, September 5th. Wolfe Research started coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They issued an outperform rating and a $16.00 price objective for the company. Stephens reissued an overweight rating and set a $20.00 price objective on shares of Crescent Energy in a research note on Tuesday, August 6th. Finally, Truist Financial lowered their target price on shares of Crescent Energy from $20.00 to $19.00 and set a buy rating for the company in a research note on Monday, July 22nd. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Buy and an average price target of $16.27.

Crescent Energy Stock Performance

Shares of CRGY opened at $11.46 on Monday. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $13.85. The stock has a market cap of $2.03 billion, a P/E ratio of -57.28 and a beta of 2.26. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13. The company has a 50-day moving average of $11.37 and a two-hundred day moving average of $11.58.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.05. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. The firm had revenue of $653.28 million during the quarter, compared to the consensus estimate of $619.00 million. As a group, research analysts predict that Crescent Energy will post 1.31 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.19%. The ex-dividend date was Monday, August 19th. Crescent Energy’s dividend payout ratio (DPR) is currently -240.00%.

Insider Activity at Crescent Energy

In other news, Director Michael Duginski bought 9,344 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was acquired at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the acquisition, the director now owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Over the last 90 days, insiders have bought 12,294 shares of company stock worth $131,297. 13.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. lifted its position in Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after acquiring an additional 6,348,598 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Crescent Energy by 22,968.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock valued at $48,328,000 after purchasing an additional 3,642,584 shares during the period. Marshall Wace LLP grew its holdings in Crescent Energy by 286.7% during the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after purchasing an additional 2,098,303 shares in the last quarter. Zimmer Partners LP purchased a new stake in Crescent Energy during the 1st quarter worth $17,731,000. Finally, Pingora Partners LLC purchased a new position in Crescent Energy in the 4th quarter valued at about $17,554,000. Institutional investors and hedge funds 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.