Mizuho Raises Crescent Energy (NYSE:CRGY) Price Target to $16.00

Crescent Energy (NYSE:CRGY) had its target price upped by equities research analysts at Mizuho from $14.00 to $16.00 in a report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Mizuho’s price target would suggest a potential upside of 12.52% from the stock’s previous close.

Several other brokerages have also commented on CRGY. Evercore ISI reaffirmed an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, September 24th. Stephens increased their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Raymond James upped their price objective on shares of Crescent Energy from $19.00 to $20.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Wells Fargo & Company cut their target price on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Finally, JPMorgan Chase & Co. initiated coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price objective for the company. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $16.80.

Crescent Energy Price Performance

Shares of NYSE:CRGY traded down $0.38 during midday trading on Monday, hitting $14.22. The company’s stock had a trading volume of 523,828 shares, compared to its average volume of 2,464,198. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The business’s 50 day simple moving average is $13.63 and its 200 day simple moving average is $12.34. The company has a market cap of $3.25 billion, a P/E ratio of 22.97 and a beta of 2.17. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $15.54.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The business had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. During the same quarter last year, the firm earned $0.35 EPS. On average, analysts forecast that Crescent Energy will post 0.98 EPS for the current year.

Institutional Investors Weigh In On Crescent Energy

Several institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. raised its holdings in Crescent Energy by 444.8% during the second quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after purchasing an additional 6,348,598 shares in the last quarter. State Street Corp raised its stake in Crescent Energy by 78.6% during the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after acquiring an additional 2,986,468 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Crescent Energy by 0.9% in the third quarter. The Manufacturers Life Insurance Company now owns 3,698,678 shares of the company’s stock valued at $40,501,000 after acquiring an additional 33,626 shares during the last quarter. Geode Capital Management LLC boosted its stake in Crescent Energy by 53.2% in the third quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after acquiring an additional 1,164,306 shares in the last quarter. Finally, Segall Bryant & Hamill LLC grew its holdings in shares of Crescent Energy by 48.4% during the third quarter. Segall Bryant & Hamill LLC now owns 3,072,410 shares of the company’s stock worth $33,643,000 after purchasing an additional 1,001,552 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

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.