Analysts Set Crescent Energy (NYSE:CRGY) PT at $17.60

Shares of Crescent Energy (NYSE:CRGY) have been given a consensus recommendation of “Moderate Buy” by the thirteen ratings firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $17.45.

Several brokerages have weighed in on CRGY. Raymond James lifted their price objective on Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a report on Thursday, January 23rd. Stephens reaffirmed an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a report on Monday, March 3rd. JPMorgan Chase & Co. dropped their price objective on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday. Siebert Williams Shank began coverage on Crescent Energy in a report on Monday, February 3rd. They issued a “buy” rating for the company. Finally, Mizuho boosted their price target on Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th.

Insider Buying and Selling

In other news, Director Michael Duginski acquired 4,000 shares of Crescent Energy stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average price of $10.38 per share, for a total transaction of $41,520.00. Following the transaction, the director now directly owns 233,607 shares of the company’s stock, valued at approximately $2,424,840.66. The trade was a 1.74 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $9.91, for a total value of $29,221,844.93. The disclosure for this sale can be found here. 13.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Energy

A number of institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio grew its position in shares of Crescent Energy by 35.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock valued at $40,000 after buying an additional 705 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of Crescent Energy by 4.3% in the 4th quarter. Hsbc Holdings PLC now owns 18,902 shares of the company’s stock valued at $276,000 after buying an additional 785 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Crescent Energy by 2.4% in the 4th quarter. Harbor Capital Advisors Inc. now owns 37,831 shares of the company’s stock valued at $553,000 after buying an additional 897 shares during the last quarter. Dark Forest Capital Management LP grew its position in shares of Crescent Energy by 4.0% in the 4th quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company’s stock valued at $487,000 after buying an additional 1,282 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Crescent Energy by 48.3% in the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock valued at $73,000 after buying an additional 1,621 shares during the last quarter. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $10.49 on Friday. The stock has a market capitalization of $2.71 billion, a PE ratio of 16.91 and a beta of 2.18. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The business has a fifty day moving average price of $14.55 and a two-hundred day moving average price of $13.49. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $16.94.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 4.58%. Crescent Energy’s dividend payout ratio is currently -69.57%.

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.