Truist Financial Cuts Crescent Energy (NYSE:CRGY) Price Target to $15.00

by · The Markets Daily

Crescent Energy (NYSE:CRGY – Free Report) had its price target lowered by Truist Financial from $19.00 to $15.00 in a report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

CRGY has been the subject of a number of other reports. Evercore ISI restated an outperform rating and set a $17.00 price objective on shares of Crescent Energy in a research note on Tuesday, September 24th. JPMorgan Chase & Co. assumed coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They issued a neutral rating and a $12.00 target price for the company. Wolfe Research assumed coverage on shares of Crescent Energy in a research note on Thursday, July 18th. They issued an outperform rating and a $16.00 target price for the company. Mizuho cut their target price on shares of Crescent Energy from $14.00 to $13.00 and set a neutral rating for the company in a research note on Monday, September 16th. Finally, Stephens reiterated an overweight rating and issued a $20.00 target price on shares of Crescent Energy in a research note on Tuesday, August 6th. 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 data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $16.20.

Get Our Latest Analysis on Crescent Energy

Crescent Energy Trading Up 11.0 %

Crescent Energy stock opened at $12.40 on Monday. The firm has a 50-day moving average of $11.20 and a 200-day moving average of $11.60. Crescent Energy has a one year low of $9.88 and a one year high of $13.85. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -62.00 and a beta of 2.26.

Crescent Energy (NYSE:CRGY – Get Free Report) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The company had revenue of $653.28 million during the quarter, compared to the consensus estimate of $619.00 million. On average, equities analysts expect that Crescent Energy will post 1.5 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.48 annualized dividend and a yield of 3.87%. Crescent Energy’s dividend payout ratio is currently -240.00%.

Insider Buying and Selling at Crescent Energy

In related news, Director Michael Duginski purchased 9,344 shares of the stock in a transaction on Thursday, August 8th. The shares were purchased at an average cost of $10.62 per share, with a total value of $99,233.28. Following the acquisition, the director now directly owns 201,081 shares in the company, valued at $2,135,480.22. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have purchased a total of 12,294 shares of company stock valued at $131,297 in the last three months. 13.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. CWM LLC increased its holdings in shares of Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after purchasing an additional 1,832 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Crescent Energy in the second quarter valued at approximately $32,000. Spirit of America Management Corp NY bought a new position in Crescent Energy in the second quarter valued at approximately $36,000. GAMMA Investing LLC increased 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 acquiring an additional 2,934 shares during the last quarter. Finally, Equitec Proprietary Markets LLC bought a new position in Crescent Energy in the second quarter valued at approximately $107,000. 52.11% of the stock is owned by institutional investors.

About Crescent Energy

(Get Free Report)

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.

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