Truist Financial Trims Crescent Energy (NYSE:CRGY) Target Price to $19.00

Crescent Energy (NYSE:CRGY) had its price target lowered by Truist Financial from $20.00 to $19.00 in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms also recently weighed in on CRGY. Wells Fargo & Company upped their price target on Crescent Energy from $19.00 to $20.00 and gave the stock an overweight rating in a research note on Monday, April 22nd. Tudor, Pickering, Holt & Co. started coverage on Crescent Energy in a research report on Wednesday, April 10th. They set a buy rating and a $18.00 target price for the company. Mizuho increased their target price on Crescent Energy from $13.00 to $14.00 and gave the company a neutral rating in a research report on Monday, May 13th. Wolfe Research started coverage on Crescent Energy in a research report on Thursday, July 18th. They set an outperform rating and a $16.00 target price for the company. Finally, KeyCorp started coverage on Crescent Energy in a research report on Thursday, June 27th. They set an overweight rating and a $16.00 target price for the company. One equities research analyst has 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. According to data from MarketBeat.com, Crescent Energy presently has an average rating of Buy and a consensus target price of $16.40.

Crescent Energy Trading Up 2.0 %

Crescent Energy stock opened at $12.35 on Monday. Crescent Energy has a 12-month low of $10.11 and a 12-month high of $14.22. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of -61.75 and a beta of 2.32. The firm has a 50 day moving average of $12.16 and a 200 day moving average of $11.59.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, May 6th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.28. Crescent Energy had a positive return on equity of 12.90% and a negative net margin of 0.67%. The business had revenue of $657.47 million during the quarter, compared to the consensus estimate of $579.44 million. As a group, research analysts predict that Crescent Energy will post 1.64 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Tuesday, May 21st were paid a $0.12 dividend. The ex-dividend date was Monday, May 20th. This represents a $0.48 dividend on an annualized basis and a yield of 3.89%. Crescent Energy’s payout ratio is -239.99%.

Institutional Trading of Crescent Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of CRGY. Vanguard Group Inc. increased its stake in Crescent Energy by 94.1% in the third quarter. Vanguard Group Inc. now owns 7,641,227 shares of the company’s stock worth $96,585,000 after purchasing an additional 3,705,389 shares during the period. The Manufacturers Life Insurance Company increased its stake in 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 worth $48,328,000 after purchasing an additional 3,642,584 shares during the period. Zimmer Partners LP purchased a new stake in Crescent Energy in the first quarter worth $17,731,000. Pingora Partners LLC purchased a new stake in Crescent Energy in the fourth quarter worth $17,554,000. Finally, Yaupon Capital Management LP purchased a new stake in Crescent Energy in the first quarter worth $10,710,000. Hedge funds and other 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.