JPMorgan Chase & Co. Has Lowered Expectations for Crescent Energy (NYSE:CRGY) Stock Price

Crescent Energy (NYSE:CRGY) had its price objective reduced by JPMorgan Chase & Co. from $18.00 to $12.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

CRGY has been the topic of several other research reports. Raymond James lifted their price objective on shares of Crescent Energy from $22.00 to $23.00 and gave the stock a “strong-buy” rating in a research report on Thursday, January 23rd. Siebert Williams Shank initiated coverage on shares of Crescent Energy in a research note on Monday, February 3rd. They issued a “buy” rating for the company. Citigroup cut shares of Crescent Energy to a “reduce” rating in a research note on Wednesday, March 5th. Truist Financial boosted their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Williams Trading set a $16.00 price objective on shares of Crescent Energy in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Crescent Energy currently has an average rating of “Moderate Buy” and an average target price of $17.45.

Crescent Energy Stock Performance

Shares of CRGY stock opened at $10.87 on Thursday. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 17.52 and a beta of 2.18. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. Crescent Energy has a 52 week low of $9.88 and a 52 week high of $16.94. The firm’s 50-day simple moving average is $14.38 and its two-hundred day simple moving average is $13.48.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.42%. Crescent Energy’s payout ratio is -69.57%.

Insider Transactions at Crescent Energy

In other news, Director Michael Duginski purchased 4,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average cost of $10.38 per share, for a total transaction of $41,520.00. Following the acquisition, the director now directly owns 233,607 shares of the company’s stock, valued at $2,424,840.66. This represents a 1.74 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction 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. Company insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Crescent Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Crescent Energy by 26.4% during the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock valued at $303,150,000 after buying an additional 4,332,831 shares during the last quarter. American Century Companies Inc. raised its holdings in Crescent Energy by 12.7% during the 4th quarter. American Century Companies Inc. now owns 12,700,925 shares of the company’s stock valued at $185,561,000 after buying an additional 1,436,084 shares during the last quarter. Pacer Advisors Inc. purchased a new position in Crescent Energy during the 4th quarter valued at $170,905,000. Bank of New York Mellon Corp increased its position in Crescent Energy by 55.5% during the 4th quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock valued at $135,316,000 after purchasing an additional 3,305,833 shares during the period. Finally, State Street Corp increased its position in Crescent Energy by 78.6% during 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 period. 52.11% of the stock is currently owned by institutional investors.

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.