Crescent Energy (NYSE:CRGY – Get Free Report) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks reports.
A number of other research analysts also recently issued reports on CRGY. KeyCorp restated an “overweight” rating and set a $19.00 target price on shares of Crescent Energy in a research report on Thursday, June 11th. Morgan Stanley cut shares of Crescent Energy to an “underweight” rating in a research report on Monday, August 3rd. BMO Capital Markets restated a “market perform” rating and issued a $16.00 price objective on shares of Crescent Energy in a report on Friday, September 18th. Truist Financial initiated coverage on shares of Crescent Energy in a research note on Thursday, September 17th. They issued a “buy” rating and a $19.00 price objective on the stock. Finally, Wells Fargo & Company lowered their target price on shares of Crescent Energy from $24.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.08.
Read Our Latest Analysis on CRGY
Crescent Energy Stock Up 0.5%
Crescent Energy (NYSE:CRGY – Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.26 billion. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The business’s revenue for the quarter was up 55.3% compared to the same quarter last year. On average, analysts predict that Crescent Energy will post 2.56 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio acquired a new stake in shares of Crescent Energy during the first quarter worth about $32,000. NFSG Corp grew its position in shares of Crescent Energy by 188.0% in the 1st quarter. NFSG Corp now owns 6,364 shares of the company’s stock valued at $86,000 after purchasing an additional 4,154 shares during the period. Allworth Financial LP grew its position in shares of Crescent Energy by 31.3% in the 2nd quarter. Allworth Financial LP now owns 6,770 shares of the company’s stock valued at $66,000 after purchasing an additional 1,613 shares during the period. Merit Financial Group LLC bought a new stake in Crescent Energy during the 2nd quarter worth approximately $101,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Crescent Energy during the 2nd quarter worth approximately $101,000. 52.11% of the stock is currently owned by institutional investors.
Crescent Energy Company Profile
Crescent Energy Company is an independent, U.S.-based energy company engaged in the acquisition, development, and operation of oil and natural gas properties. Its production portfolio includes crude oil, natural gas, and natural gas liquids, with an emphasis on established assets that offer ongoing development opportunities.
The company’s operations are concentrated in several major U.S. onshore producing regions, including the Eagle Ford, the Uinta Basin, and other assets across the Rocky Mountain and central United States.
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