Crescent Energy (NYSE:CRGY) Price Target Cut to $20.00 by Analysts at Wells Fargo & Company

Crescent Energy (NYSE:CRGY) had its target price cut by Wells Fargo & Company from $21.00 to $20.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also commented on CRGY. Truist Financial reduced 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 report on Monday, September 30th. Mizuho reduced their target price on shares of Crescent Energy from $14.00 to $13.00 and set a neutral rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a research report on Wednesday, September 18th. They set a neutral rating and a $12.00 price objective for the company. Evercore ISI reissued an outperform rating and issued a $17.00 price target on shares of Crescent Energy in a research report on Tuesday, September 24th. Finally, KeyCorp started coverage on shares of Crescent Energy in a research note on Thursday, June 27th. They issued an overweight rating and a $16.00 price objective on the stock. Two equities research 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. Based on data from MarketBeat, Crescent Energy presently has a consensus rating of Buy and a consensus price target of $16.20.

Crescent Energy Stock Performance

Shares of Crescent Energy stock opened at $12.98 on Tuesday. The company has a 50-day simple moving average of $11.20 and a two-hundred day simple moving average of $11.61. The company has a market capitalization of $2.30 billion, a PE ratio of -64.90 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87. Crescent Energy has a one year low of $9.88 and a one year high of $13.85.

Crescent Energy (NYSE:CRGY) last posted its earnings results 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. The business had revenue of $653.28 million for the quarter, compared to analyst estimates of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. Research analysts expect that Crescent Energy will post 1.5 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were given a $0.12 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.70%. Crescent Energy’s dividend payout ratio is currently -240.00%.

Insider Transactions at Crescent Energy

In other news, Director Michael Duginski purchased 9,344 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $10.62 per share, with a total value of $99,233.28. Following the acquisition, the director now directly owns 201,081 shares in the company, valued at approximately $2,135,480.22. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders 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

Hedge funds have recently added to or reduced their stakes in the company. Jackson Creek Investment Advisors LLC increased its position in shares of Crescent Energy by 1.0% in the 2nd quarter. Jackson Creek Investment Advisors LLC now owns 90,933 shares of the company’s stock valued at $1,078,000 after buying an additional 883 shares in the last quarter. ProShare Advisors LLC grew its position in Crescent Energy by 8.5% during the first quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock worth $165,000 after buying an additional 1,085 shares in the last quarter. Quadrature Capital Ltd grew its stake in Crescent Energy by 5.1% during the first quarter. Quadrature Capital Ltd now owns 30,744 shares of the company’s stock worth $366,000 after buying an additional 1,503 shares in the last quarter. CWM LLC increased its stake in Crescent Energy by 618.9% in the second quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after acquiring an additional 1,832 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Crescent Energy during the second quarter worth about $32,000. 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.