Wells Fargo & Company Cuts Crescent Energy (NYSE:CRGY) Price Target to $20.00

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

Other analysts also recently issued reports about the company. Citigroup downgraded Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. Siebert Williams Shank initiated coverage on shares of Crescent Energy in a report on Monday, February 3rd. They set a “buy” rating on the stock. Stephens reissued an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a research report on Monday, March 3rd. Raymond James boosted their target price on Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 23rd. Finally, JPMorgan Chase & Co. decreased their price target on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.55.

Crescent Energy Stock Performance

Shares of NYSE CRGY opened at $11.50 on Monday. The firm’s fifty day moving average is $13.65 and its two-hundred day moving average is $13.48. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94. The company has a market cap of $2.97 billion, a P/E ratio of 18.54 and a beta of 2.18. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is presently -69.57%.

Insiders Place Their Bets

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael Duginski purchased 4,000 shares of Crescent Energy stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $10.38 per share, with a total value of $41,520.00. Following the completion of the transaction, the director now owns 233,607 shares in the company, valued at approximately $2,424,840.66. This represents a 1.74 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 24,932 shares of company stock worth $263,219 in the last three months. Corporate insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Crescent Energy by 26.4% in the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock worth $303,150,000 after purchasing an additional 4,332,831 shares during the last quarter. American Century Companies Inc. increased its position in Crescent Energy by 12.7% during the 4th quarter. American Century Companies Inc. now owns 12,700,925 shares of the company’s stock valued at $185,561,000 after buying an additional 1,436,084 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in Crescent Energy in the fourth quarter valued at about $170,905,000. Bank of New York Mellon Corp boosted its holdings in Crescent Energy by 55.5% in the fourth quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock worth $135,316,000 after acquiring an additional 3,305,833 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after acquiring an additional 2,986,468 shares during the last quarter. 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.