Crescent Energy (NYSE:CRGY) Price Target Cut to $20.00 by Analysts at Wells Fargo & Company

Crescent Energy (NYSE:CRGY) had its price target reduced by research analysts at Wells Fargo & Company from $21.00 to $20.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 72.03% from the company’s current price.

Several other research firms have also issued reports on CRGY. Citigroup lowered shares of Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. Truist Financial raised their target price on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Raymond James boosted their price target on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a report on Thursday, January 23rd. Stephens restated an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Monday, March 3rd. Finally, Mizuho boosted their price target on shares of Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Crescent Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.55.

Crescent Energy Stock Performance

Shares of NYSE:CRGY opened at $11.63 on Monday. Crescent Energy has a 52 week low of $9.88 and a 52 week high of $16.94. The stock has a market capitalization of $3.01 billion, a P/E ratio of 18.66 and a beta of 2.18. The firm has a fifty day simple moving average of $13.95 and a two-hundred day simple moving average of $13.48. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12.

Insider Activity

In other news, Director Michael Duginski bought 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average cost of $10.38 per share, for a total transaction of $41,520.00. Following the purchase, the director now directly owns 233,607 shares in the company, valued at approximately $2,424,840.66. This trade represents a 1.74 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’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. Insiders have acquired 24,932 shares of company stock valued at $263,219 in the last ninety days. Insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Crescent Energy

A number of large investors have recently added to or reduced their stakes in CRGY. Pacer Advisors Inc. purchased a new stake in shares of Crescent Energy during the fourth quarter worth $170,905,000. Vanguard Group Inc. boosted its stake in shares of Crescent Energy by 26.4% in the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock valued at $303,150,000 after purchasing an additional 4,332,831 shares during the period. Jennison Associates LLC boosted its stake in shares of Crescent Energy by 234.4% in the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock valued at $69,914,000 after purchasing an additional 3,354,362 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Crescent Energy by 55.5% in the fourth 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 lifted its stake in Crescent Energy by 78.6% in the third 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 during the last quarter. 52.11% of the stock is currently owned by institutional investors and hedge funds.

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.