The Vanguard Group, Inc. recently announced the acquisition of new stake in Crescent Energy Company (NYSE:CRGY). The institutional investor has increased its shareholding in the Energy company by 47.46% to 3.12 million shares with purchase of 1.0 million shares. This fresh investment now brings its stake to 6.46% valued currently at $43.84 million. In addition, BlackRock Fund Advisors raised its holdings by 7210.0 to 1.82 million shares. And DWS Investment Management America has lifted its position by 2.71% or 20857.0 shares – to 0.79 million shares.
With over 0.38 million Crescent Energy Company (CRGY) shares trading Tuesday and a closing price of $11.89 on the day, the dollar volume was approximately $4.47 million. The shares have shown a negative half year performance of -2.94% and its price on 01/10/23 gained nearly 4.85%. Currently, there are 168.99M common shares owned by the public and among those 38.43M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for CRGY have a consensus price objective of $16.40. The analysts have set the share’s price value over the next 12 months at a high of $19.00 and a low of $13.00. The average price target is 24.51% above its recent price level and an upside to the estimated low will see the stock gain 8.54% over that period. But an upside of 37.42% will see the stock hit the forecast high price target while median target price for the stock is $16.00.
Insiders at the company have transacted a total of 40 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 35 of these insider trades were purchases, accounting for 12,842,028 shares. Insider sales of the common stock occurred on 5 occasions, with total insider shares sold totaling 24,717,062 shares.
The top 3 mutual fund holders in Crescent Energy Company are Vanguard Total Stock Market Index, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market Index owns 1.08 million shares of the company’s stock, all valued at over $15.24 million. Vanguard Small Cap Index Fund bought 10776.0 shares to see its total holdings expand to 0.93 million shares valued at over $13.0 million and representing 1.92% of the shares outstanding. iShares Russell 2000 ETF bought 1524.0 shares to bring its total holdings to over 0.75 million shares at a value of $10.52 million. iShares Russell 2000 ETF now owns shares totaling to 1.55% of the shares outstanding.
Shares of Crescent Energy Company (NYSE: CRGY) opened at $11.66, up $0.32 from a prior closing price of $11.34. However, the script later moved the day high at 11.99, up 4.85%. The company’s stock has a 5-day price change of 3.93% and -17.43% over the past three months. CRGY shares are trading -0.83% year to date (YTD), with the 12-month market performance down to -15.37% lower. It has a 12-month low price of $10.83 and touched a high of $19.65 over the same period. CRGY has an average intraday trading volume of 412.15K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.53%, -9.35%, and -20.70% respectively.
Institutional ownership of Crescent Energy Company (NYSE: CRGY) shares accounts for 50.20% of the company’s 168.99M shares outstanding. Mutual fund holders own 21.74%, while other institutional holders and individual stakeholders account for 32.39% and 17.40% respectively.
It has a market capitalization of $2.02B. The stock’s trailing 12-month PE ratio is 1.96, while the earnings-per-share (ttm) stands at $6.08. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.16% over the week and 4.40% over the month.
Analysts forecast that Crescent Energy Company (CRGY) will achieve an EPS of $1.16 for the current quarter, $1.14 for the next quarter and $3.31 for 2023. The lowest estimate earnings-per-share for the quarter is $1 while analysts give the company a high EPS estimate of $1.39. Earnings per share for the fiscal year are expected to decrease by -204.20%, and 11.06% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Crescent Energy Company (CRGY) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 2 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CRGY, a number of firms have released research notes about the stock. Mizuho stated their Buy rating for the stock in a research note on January 10, 2023, with the firm’s price target at $19. BofA Securities coverage for the Crescent Energy Company (CRGY) stock in a research note released on November 15, 2022 offered a Neutral rating with a price target of $15. Jefferies was of a view on October 19, 2022 that the stock is Hold, while Wells Fargo gave the stock Overweight rating on September 28, 2022, issuing a price target of $18. Truist on their part issued Buy rating on April 08, 2022.