KeyBanc has revised its price target for Crescent Energy (CRGY, Financial), reducing it from $18 to $14, while maintaining an Overweight rating on the stock. This adjustment comes as the firm updates its first-quarter estimates in anticipation of the earnings season, alongside modifications in its oil and natural gas price forecasts.
The firm's outlook on oil suggests that current market prices are excessively pressured due to pessimistic expectations concerning OPEC+ production growth, U.S. oil output, and the potential for a global recession. Despite this pressure, KeyBanc's forecast remains more optimistic than the current NYMEX WTI futures strip value.
For natural gas, KeyBanc has increased its price projection, influenced by unexpected weather patterns and the initiation of new LNG export projects, which have stabilized the market. While there is some concern over unrelenting production from the Lower 48 states, the firm suggests that slowing oil production could consequently reduce associated gas output.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 12 analysts, the average target price for Crescent Energy Co (CRGY, Financial) is $15.30 with a high estimate of $21.00 and a low estimate of $8.10. The average target implies an upside of 82.58% from the current price of $8.38. More detailed estimate data can be found on the Crescent Energy Co (CRGY) Forecast page.
Based on the consensus recommendation from 13 brokerage firms, Crescent Energy Co's (CRGY, Financial) average brokerage recommendation is currently 1.8, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Crescent Energy Co (CRGY, Financial) in one year is $11.22, suggesting a upside of 33.89% from the current price of $8.38. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Crescent Energy Co (CRGY) Summary page.
