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

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

Several other research firms have also commented on CRGY. Truist Financial lowered their price target on shares of Crescent Energy from $19.00 to $15.00 and set a buy rating on the stock in a report on Monday. KeyCorp assumed coverage on shares of Crescent Energy in a report on Thursday, June 27th. They issued an overweight rating and a $16.00 price target on the stock. Evercore ISI reaffirmed an outperform rating and issued a $17.00 price target on shares of Crescent Energy in a report on Tuesday, September 24th. Wolfe Research assumed coverage on shares of Crescent Energy in a report on Thursday, July 18th. They issued an outperform rating and a $16.00 price target on the stock. Finally, Stephens reaffirmed an overweight rating and issued a $20.00 price target on shares of Crescent Energy in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Crescent Energy has an average rating of Buy and a consensus price target of $16.20.

Crescent Energy Price Performance

Shares of CRGY opened at $11.17 on Tuesday. The firm has a market capitalization of $1.98 billion, a PE ratio of -55.85 and a beta of 2.26. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $13.85. The company’s fifty day moving average price is $11.19 and its 200-day moving average price is $11.60.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The firm had revenue of $653.28 million for the quarter, compared to analyst estimates of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. On average, equities research analysts predict that Crescent Energy will post 1.5 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently disclosed 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 of this dividend was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.30%. Crescent Energy’s dividend payout ratio (DPR) is currently -240.00%.

Insiders Place Their Bets

In other news, Director Michael Duginski acquired 9,344 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the transaction, the director now owns 201,081 shares in the company, valued at approximately $2,135,480.22. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders bought 12,294 shares of company stock worth $131,297. Company insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. CWM LLC raised its position in shares of Crescent Energy by 618.9% during the 2nd 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 last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Crescent Energy in the 2nd quarter valued at approximately $32,000. Spirit of America Management Corp NY purchased a new stake in shares of Crescent Energy in the 2nd quarter valued at approximately $36,000. GAMMA Investing LLC grew 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 buying an additional 2,934 shares during the period. Finally, Equitec Proprietary Markets LLC purchased a new stake in shares of Crescent Energy in the 2nd quarter valued at approximately $107,000. Institutional investors and hedge funds 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.