Crescent Energy (NYSE:CRGY) PT Lowered to $20.00 at Wells Fargo & Company

Crescent Energy (NYSE:CRGY) had its price objective cut by Wells Fargo & Company from $21.00 to $20.00 in a research report report published on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently issued reports on CRGY. Mizuho dropped their price objective on Crescent Energy from $14.00 to $13.00 and set a neutral rating on the stock in a report on Monday, September 16th. Stephens reaffirmed an overweight rating and issued a $20.00 price objective on shares of Crescent Energy in a research note on Tuesday, August 6th. Evercore ISI reaffirmed an outperform rating and issued a $17.00 target price on shares of Crescent Energy in a research note on Tuesday, September 24th. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a neutral rating and a $12.00 target price on the stock. Finally, KeyCorp started coverage on shares of Crescent Energy in a report on Thursday, June 27th. They issued an overweight rating and a $16.00 price objective for the company. Two research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of Buy and an average price target of $16.20.

Crescent Energy Stock Performance

NYSE:CRGY opened at $12.98 on Tuesday. The company has a fifty day moving average of $11.20 and a 200-day moving average of $11.61. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $13.85. The firm has a market capitalization of $2.30 billion, a P/E ratio of -64.90 and a beta of 2.19. 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 (NYSE:CRGY) last announced its earnings results on Monday, August 5th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.26 by $0.05. The company had revenue of $653.28 million during the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. As a group, sell-side analysts anticipate that Crescent Energy will post 1.5 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were given a $0.12 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.70%. Crescent Energy’s payout ratio is currently -240.00%.

Insider Buying and Selling

In other news, Director Michael Duginski acquired 9,344 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was bought at an average cost of $10.62 per share, with a total value of $99,233.28. Following the completion of the purchase, the director now directly owns 201,081 shares of the company’s stock, valued at $2,135,480.22. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have acquired 12,294 shares of company stock valued at $131,297. Corporate insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRGY. CWM LLC lifted its stake in shares of Crescent Energy by 618.9% in the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after purchasing an additional 1,832 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Crescent Energy during the 2nd quarter worth $32,000. Spirit of America Management Corp NY acquired a new position in Crescent Energy in the 2nd quarter valued at about $36,000. GAMMA Investing LLC lifted its stake in shares of Crescent Energy by 186.5% in the 1st quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after purchasing an additional 2,934 shares during the last quarter. Finally, Equitec Proprietary Markets LLC purchased a new position in Crescent Energy during the second quarter worth about $107,000. 52.11% of the stock is owned by institutional investors and hedge funds.

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.