Raymond James Reaffirms Strong-Buy Rating for Crescent Energy (NYSE:CRGY)

Crescent Energy (NYSE:CRGY)‘s stock had its “strong-buy” rating restated by equities researchers at Raymond James in a research note issued to investors on Friday,Benzinga reports. They presently have a $18.00 price objective on the stock, down from their prior price objective of $23.00. Raymond James’ target price indicates a potential upside of 62.82% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Williams Trading set a $16.00 price target on shares of Crescent Energy in a research report on Wednesday, March 5th. Mizuho increased their price objective on Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Truist Financial lifted their price target on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. JPMorgan Chase & Co. lowered their target price on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Finally, Wells Fargo & Company decreased their price objective on Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $17.09.

Crescent Energy Trading Down 1.9 %

Shares of NYSE:CRGY traded down $0.22 on Friday, hitting $11.06. The company had a trading volume of 550,327 shares, compared to its average volume of 3,035,255. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 17.81 and a beta of 2.18. The firm’s 50-day simple moving average is $13.54 and its two-hundred day simple moving average is $13.46. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $16.94. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12.

Insider Buying and Selling

In related news, Director Michael Duginski bought 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $10.57 per share, with a total value of $211,400.00. Following the completion of the acquisition, the director now directly owns 259,607 shares in the company, valued at approximately $2,744,045.99. The trade was a 8.35 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $9.91, for a total value of $29,221,844.93. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 24,932 shares of company stock worth $263,219. 13.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crescent Energy

Institutional investors have recently made changes to their positions in 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 valued at $303,150,000 after purchasing an additional 4,332,831 shares during the period. American Century Companies Inc. lifted its position in Crescent Energy by 12.7% in the fourth 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 during the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Crescent Energy in the 4th quarter valued at $170,905,000. Bank of New York Mellon Corp lifted its holdings in Crescent Energy by 55.5% during the 4th quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock worth $135,316,000 after buying an additional 3,305,833 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Crescent Energy by 78.6% during the 3rd 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 in the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

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.