Crescent Energy (NYSE:CRGY) Price Target Cut to $13.00 by Analysts at Mizuho

Crescent Energy (NYSE:CRGY) had its target price reduced by equities research analysts at Mizuho from $14.00 to $13.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s price objective indicates a potential upside of 20.26% from the company’s previous close.

Other equities research analysts have also issued reports about the company. KeyCorp began coverage on Crescent Energy in a research report on Thursday, June 27th. They set an “overweight” rating and a $16.00 target price for the company. Stephens restated an “overweight” rating and issued a $20.00 price objective on shares of Crescent Energy in a research note on Tuesday, August 6th. Wolfe Research assumed coverage on shares of Crescent Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Wells Fargo & Company increased their target price on Crescent Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Finally, Truist Financial cut their price target on Crescent Energy from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $16.70.

Crescent Energy Trading Up 1.6 %

Shares of Crescent Energy stock traded up $0.17 on Monday, reaching $10.81. 421,375 shares of the company’s stock were exchanged, compared to its average volume of 2,052,670. The company has a market capitalization of $1.92 billion, a P/E ratio of -53.65 and a beta of 2.26. Crescent Energy has a 52 week low of $9.88 and a 52 week high of $13.85. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87. The firm’s 50-day moving average is $11.43 and its two-hundred day moving average is $11.59.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. The business had revenue of $653.28 million for the quarter, compared to the consensus estimate of $619.00 million. Sell-side analysts predict that Crescent Energy will post 1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael Duginski bought 9,344 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the purchase, the director now owns 201,081 shares in the company, valued at $2,135,480.22. The acquisition was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders have purchased 12,294 shares of company stock valued at $131,297. 13.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Heritage Wealth Management Inc. bought a new position in shares of Crescent Energy during the 2nd quarter valued at about $1,507,000. Algert Global LLC boosted its position in shares of Crescent Energy by 260.4% during the 2nd quarter. Algert Global LLC now owns 320,039 shares of the company’s stock valued at $3,792,000 after acquiring an additional 231,229 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Crescent Energy in the 2nd quarter worth about $3,496,000. Mackenzie Financial Corp raised its position in Crescent Energy by 23.5% during the second quarter. Mackenzie Financial Corp now owns 14,669 shares of the company’s stock valued at $174,000 after purchasing an additional 2,796 shares during the period. Finally, AQR Capital Management LLC purchased a new position in shares of Crescent Energy during the second quarter valued at approximately $2,373,000. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Energy

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.