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

Raymond James reiterated their strong-buy rating on shares of Crescent Energy (NYSE:CRGY) in a report released on Friday morning,Benzinga reports. They currently have a $18.00 price objective on the stock, down from their previous price objective of $23.00.

Several other equities analysts have also recently issued reports on CRGY. Wells Fargo & Company decreased their target price on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, March 24th. Citigroup downgraded shares of Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. Stephens reissued an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. Williams Trading set a $16.00 price target on Crescent Energy in a research note on Wednesday, March 5th. Finally, Siebert Williams Shank assumed coverage on Crescent Energy in a research report on Monday, February 3rd. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.09.

Crescent Energy Stock Down 1.3 %

Shares of CRGY stock opened at $11.13 on Friday. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $16.94. The stock has a market cap of $2.88 billion, a P/E ratio of 17.94 and a beta of 2.18. The stock has a 50 day moving average of $13.43 and a 200 day moving average of $13.47. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date was Wednesday, March 12th. Crescent Energy’s dividend payout ratio is presently -69.57%.

Insider Buying and Selling

In other Crescent Energy news, Director Michael Duginski bought 4,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were acquired at an average cost of $10.38 per share, with a total value of $41,520.00. Following the purchase, the director now directly owns 233,607 shares of the company’s stock, valued at $2,424,840.66. This trade represents a 1.74 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was 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. Over the last ninety days, insiders bought 24,932 shares of company stock worth $263,219. 13.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. acquired a new stake in shares of Crescent Energy in the 4th quarter worth $170,905,000. Vanguard Group Inc. grew its holdings in shares of 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. Jennison Associates LLC increased its position in Crescent Energy by 234.4% during the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock worth $69,914,000 after purchasing an additional 3,354,362 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Crescent Energy by 55.5% during the fourth quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock worth $135,316,000 after purchasing an additional 3,305,833 shares during the period. Finally, State Street Corp boosted its holdings in Crescent Energy by 78.6% in the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after purchasing an additional 2,986,468 shares during the last quarter. Hedge funds and other institutional investors 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.