Crescent Energy’s (CRGY) “Outperform” Rating Reiterated at Evercore ISI

Crescent Energy (NYSE:CRGY)‘s stock had its “outperform” rating restated by research analysts at Evercore ISI in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They presently have a $17.00 target price on the stock. Evercore ISI’s price target indicates a potential upside of 48.54% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Wells Fargo & Company increased their price target on Crescent Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Stephens reissued an “overweight” rating and issued a $20.00 price target on shares of Crescent Energy in a research report on Tuesday, August 6th. JPMorgan Chase & Co. initiated coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price target for the company. Truist Financial dropped their price objective on shares of Crescent Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, Mizuho decreased their target price on shares of Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $16.36.

Crescent Energy Stock Performance

NYSE:CRGY opened at $11.45 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. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $13.85. The company has a fifty day moving average of $11.28 and a 200-day moving average of $11.59. The firm has a market capitalization of $2.03 billion, a P/E ratio of -57.22 and a beta of 2.26.

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

Insider Activity

In other Crescent Energy news, Director Michael Duginski purchased 9,344 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the acquisition, the director now owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 12,294 shares of company stock valued at $131,297 over the last three months. Corporate insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

Several hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its position in shares of Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after acquiring an additional 6,348,598 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Crescent Energy by 22,968.6% during 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 increased its position in Crescent Energy by 286.7% in the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock worth $33,537,000 after buying an additional 2,098,303 shares during the last quarter. Zimmer Partners LP bought a new stake in shares of Crescent Energy in the first quarter valued at $17,731,000. Finally, Pingora Partners LLC purchased a new position in shares of Crescent Energy during the 4th quarter valued at $17,554,000. 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.