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Crescent Energy (NYSE:CRGY) Cut to "Underperform" at Bank of America

kopsource ·  Jan 29, 2023 03:51

Bank of America lowered shares of Crescent Energy (NYSE:CRGY – Get Rating) from a neutral rating to an underperform rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has $14.00 price target on the stock, up from their previous price target of $13.00.

Several other equities research analysts have also recently weighed in on the company. Jefferies Financial Group began coverage on Crescent Energy in a research note on Wednesday, October 19th. They set a hold rating and a $15.00 target price for the company. Wells Fargo & Company began coverage on Crescent Energy in a research note on Wednesday, September 28th. They set an overweight rating and a $18.00 target price for the company. Mizuho began coverage on Crescent Energy in a research note on Monday, January 9th. They set a buy rating and a $19.00 target price for the company. Finally, Truist Financial dropped their price target on Crescent Energy to $20.00 in a research note on Wednesday, November 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Crescent Energy has an average rating of Hold and a consensus target price of $17.20.

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Crescent Energy Stock Performance

Shares of NYSE:CRGY opened at $12.40 on Wednesday. Crescent Energy has a 1 year low of $10.83 and a 1 year high of $19.65. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.56 and a quick ratio of 0.56. The business's 50 day simple moving average is $12.64 and its 200 day simple moving average is $14.04.

Crescent Energy (NYSE:CRGY – Get Rating) last issued its quarterly earnings results on Wednesday, November 9th. The company reported $4.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $3.39. The business had revenue of $864.96 million for the quarter, compared to the consensus estimate of $678.00 million. Crescent Energy had a return on equity of 130.62% and a net margin of 11.11%. On average, sell-side analysts anticipate that Crescent Energy will post 4.27 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 7th. Stockholders of record on Wednesday, November 23rd were paid a $0.17 dividend. The ex-dividend date was Tuesday, November 22nd. This represents a $0.68 annualized dividend and a dividend yield of 5.48%.

Insider Activity

In other news, CFO Brandi Kendall bought 2,500 shares of Crescent Energy stock in a transaction dated Monday, November 14th. The stock was bought at an average cost of $14.09 per share, for a total transaction of $35,225.00. Following the purchase, the chief financial officer now directly owns 8,500 shares in the company, valued at approximately $119,765. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO David C. Rockecharlie purchased 2,000 shares of the business's stock in a transaction on Wednesday, November 16th. The stock was acquired at an average price of $13.84 per share, for a total transaction of $27,680.00. Following the purchase, the chief executive officer now owns 35,000 shares of the company's stock, valued at $484,400. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brandi Kendall bought 2,500 shares of the company's stock in a transaction on Monday, November 14th. The shares were purchased at an average cost of $14.09 per share, for a total transaction of $35,225.00. Following the transaction, the chief financial officer now owns 8,500 shares in the company, valued at $119,765. The disclosure for this purchase can be found here. Insiders bought a total of 8,350 shares of company stock worth $116,110 in the last three months. Company insiders own 27.00% of the company's stock.

Hedge Funds Weigh In On Crescent Energy

Hedge funds have recently modified their holdings of the company. Strs Ohio bought a new stake in shares of Crescent Energy in the 4th quarter worth approximately $580,000. Counterpoint Mutual Funds LLC raised its holdings in shares of Crescent Energy by 39.2% in the 4th quarter. Counterpoint Mutual Funds LLC now owns 9,674 shares of the company's stock worth $116,000 after purchasing an additional 2,724 shares during the period. Mraz Amerine & Associates Inc. raised its holdings in shares of Crescent Energy by 38.4% in the 4th quarter. Mraz Amerine & Associates Inc. now owns 123,898 shares of the company's stock worth $1,486,000 after purchasing an additional 34,346 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Crescent Energy by 15.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 105,177 shares of the company's stock worth $1,416,000 after purchasing an additional 13,980 shares during the period. Finally, California State Teachers Retirement System raised its holdings in shares of Crescent Energy by 4.9% in the 3rd quarter. California State Teachers Retirement System now owns 45,694 shares of the company's stock worth $615,000 after purchasing an additional 2,125 shares during the period. Institutional investors own 10.92% of the company's stock.

About Crescent Energy

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Crescent Energy Company, an energy company, explores for, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven basins, including the Eagle Ford, Rockies, Barnett, Permian, Mid-Con, and other basins in the United States.

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