Wells Fargo & Company Issues Pessimistic Forecast for Crescent Energy (NYSE:CRGY) Stock Price

Crescent Energy (NYSE:CRGY) had its price target dropped by investment analysts at Wells Fargo & Company from $21.00 to $20.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 72.86% from the company’s current price.

CRGY has been the topic of several other research reports. Citigroup lowered Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. Mizuho boosted their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Truist Financial raised their price target on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Stephens reiterated an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a report on Monday, March 3rd. Finally, Williams Trading set a $16.00 target price on Crescent Energy in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Crescent Energy has an average rating of “Moderate Buy” and an average target price of $17.55.

Crescent Energy Price Performance

CRGY stock opened at $11.57 on Monday. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $16.94. The firm has a market capitalization of $2.99 billion, a PE ratio of 18.66 and a beta of 2.18. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The business has a 50 day simple moving average of $13.76 and a 200-day simple moving average of $13.49.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski purchased 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average price of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the purchase, the director now directly owns 233,607 shares of the company’s stock, valued at $2,424,840.66. The trade was a 1.74 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. Insiders acquired 24,932 shares of company stock valued at $263,219 in the last 90 days. Company insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Quest Partners LLC acquired a new position in shares of Crescent Energy during the 3rd quarter worth about $189,000. Intech Investment Management LLC purchased a new position in Crescent Energy in the third quarter valued at approximately $350,000. Landscape Capital Management L.L.C. acquired a new stake in Crescent Energy during the third quarter worth approximately $155,000. Charles Schwab Investment Management Inc. lifted its position in shares of Crescent Energy by 59.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,586,265 shares of the company’s stock worth $17,370,000 after buying an additional 589,665 shares during the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of Crescent Energy by 335.1% in the 3rd quarter. Citigroup Inc. now owns 343,940 shares of the company’s stock valued at $3,766,000 after buying an additional 264,883 shares in the last quarter. 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.