Crescent Energy (NYSE:CRGY) Given New $20.00 Price Target at Raymond James Financial

by · The Markets Daily

Crescent Energy (NYSE:CRGY – Get Free Report) had its price objective hoisted by stock analysts at Raymond James Financial from $19.00 to $20.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “strong-buy” rating on the stock. Raymond James Financial’s target price would indicate a potential upside of 37.22% from the company’s current price.

Several other brokerages have also commented on CRGY. KeyCorp reissued an “overweight” rating and issued a $19.00 price objective on shares of Crescent Energy in a report on Thursday, June 11th. Weiss Ratings raised shares of Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research note on Monday, August 17th. Wall Street Zen raised shares of Crescent Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Morgan Stanley cut shares of Crescent Energy to an “underweight” rating in a research report on Monday, August 3rd. Finally, Seaport Research Partners initiated coverage on shares of Crescent Energy in a research report on Thursday, September 3rd. They issued a “sell” rating and a $12.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Read Our Latest Stock Report on Crescent Energy

Crescent Energy Stock Performance

Shares of CRGY traded up $0.34 during mid-day trading on Thursday, reaching $14.57. The company had a trading volume of 2,930,063 shares, compared to its average volume of 6,944,524. The stock has a market capitalization of $4.82 billion, a P/E ratio of -291.64 and a beta of 1.45. Crescent Energy has a 52-week low of $7.68 and a 52-week high of $14.60. The stock has a 50 day moving average of $11.83 and a two-hundred day moving average of $12.01. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00.

Crescent Energy (NYSE:CRGY – Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.26 billion. The firm’s quarterly revenue was up 55.3% on a year-over-year basis. On average, analysts expect that Crescent Energy will post 2.07 earnings per share for the current year.

Institutional Trading of Crescent Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRGY. Engineers Gate Manager LP acquired a new position in shares of Crescent Energy during the 2nd quarter valued at about $1,183,000. NewEdge Advisors LLC increased its position in Crescent Energy by 1.1% during the second quarter. NewEdge Advisors LLC now owns 145,918 shares of the company’s stock worth $1,433,000 after purchasing an additional 1,650 shares during the last quarter. Mraz Amerine & Associates Inc. raised its stake in Crescent Energy by 3.1% during the second quarter. Mraz Amerine & Associates Inc. now owns 208,065 shares of the company’s stock worth $2,043,000 after purchasing an additional 6,187 shares during the period. Allworth Financial LP raised its stake in Crescent Energy by 31.3% during the second quarter. Allworth Financial LP now owns 6,770 shares of the company’s stock worth $66,000 after purchasing an additional 1,613 shares during the period. Finally, Corient Private Wealth LP boosted its holdings in shares of Crescent Energy by 856.5% in the 2nd quarter. Corient Private Wealth LP now owns 229,407 shares of the company’s stock valued at $2,253,000 after purchasing an additional 205,423 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

About Crescent Energy

(Get Free Report)

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.

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