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

Crescent Energy (NYSE:CRGY) had its price target upped by Wells Fargo & Company from $19.00 to $20.00 in a research note issued to investors on Monday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other brokerages have also recently commented on CRGY. Stephens reaffirmed an overweight rating and set a $17.00 price objective on shares of Crescent Energy in a research note on Tuesday, March 5th. Mizuho reissued a neutral rating and issued a $13.00 target price (down from $14.00) on shares of Crescent Energy in a research note on Friday, March 22nd. Truist Financial decreased their target price on Crescent Energy from $23.00 to $19.00 and set a buy rating for the company in a research note on Friday, April 5th. Raymond James decreased their target price on Crescent Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a research note on Wednesday, January 24th. Finally, Tudor, Pickering, Holt & Co. began coverage on Crescent Energy in a research note on Wednesday, April 10th. They issued a buy rating and a $18.00 target price for the company. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Buy and an average target price of $16.38.

Crescent Energy Stock Down 1.9 %

NYSE CRGY opened at $10.77 on Monday. The stock has a fifty day moving average of $11.30 and a 200-day moving average of $11.55. The stock has a market capitalization of $1.93 billion, a P/E ratio of 8.35 and a beta of 2.24. Crescent Energy has a 52 week low of $9.17 and a 52 week high of $14.22. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.82 and a current ratio of 0.82.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, March 4th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.37. Crescent Energy had a return on equity of 13.30% and a net margin of 2.84%. The business had revenue of $657.73 million during the quarter, compared to analysts’ expectations of $584.12 million. On average, equities research analysts forecast that Crescent Energy will post 0.99 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.46%. Crescent Energy’s dividend payout ratio (DPR) is 37.21%.

Insider Activity

In other news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $9.87, for a total value of $136,206,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Magnolia Capital Advisors LLC raised its holdings in Crescent Energy by 0.8% during the third quarter. Magnolia Capital Advisors LLC now owns 125,509 shares of the company’s stock worth $1,550,000 after acquiring an additional 982 shares in the last quarter. Ziegler Capital Management LLC raised its holdings in Crescent Energy by 5.6% during the fourth quarter. Ziegler Capital Management LLC now owns 51,278 shares of the company’s stock worth $677,000 after acquiring an additional 2,734 shares in the last quarter. Amalgamated Bank raised its holdings in Crescent Energy by 58.5% during the fourth quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock worth $98,000 after acquiring an additional 2,748 shares in the last quarter. GAMMA Investing LLC raised its stake in Crescent Energy by 186.5% in the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after buying an additional 2,934 shares during the period. Finally, Arizona State Retirement System raised its stake in Crescent Energy by 26.5% in the fourth quarter. Arizona State Retirement System now owns 21,879 shares of the company’s stock valued at $289,000 after buying an additional 4,577 shares during the period. Institutional investors own 52.11% of the company’s stock.

About Crescent Energy

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven regions, including Eagle Ford and Uinta basins. The company is based in Houston, Texas.