Mizuho Reiterates Neutral Rating on Crescent Energy (CRGY)

Mizuho analyst Nitin Kumar reiterated a Neutral rating and $13.00 price target on Crescent Energy (NYSE: CRGY).

The analyst commented, "Expect a somewhat noisy quarter given the SBOW acquisition closed 7/30; focus should be on acquisition integration and CRGY's outlook on future M&A. We forecast a ~10% EBITDX/CFPS miss in 3Q24 on lower oil volumes and weaker pricing (though consensus forecasts are somewhat noisy with the closing of the SBOW deal in late-July). We anticipate the focus will be on acquisition integration (CRGY remains confident/upbeat on its progress since closing), preliminary 2025 expectations, and its current outlook/appetite for M&A. Increased operational scale/market cap post-SBOW and recent addition to the S&P 600 Index have been supportive for the shares recently, though relatively high financial leverage (>1.5x pro-forma 4Q24e) remains a potential headwind vs. peers in a volatile macro environment. "

For an analyst ratings summary and ratings history on Crescent Energy click here. For more ratings news on Crescent Energy click here.

Shares of Crescent Energy closed at $13.39 yesterday.

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