Truist raised the firm’s price target on Crescent Energy (CRGY) to $18 from $16 and keeps a Buy rating on the shares. The company announced a $905M acquisition of Ridgemar Energy assets in the Central Eagle Ford that adds about 20 Mboepd of production and 140 complementary locations, the analyst tells investors in a research note. The latest transaction continues to accretively boost the company’s presence in one of the premier U.S. plays, Truist notes, adding that Crescent was able to add the latest assets at less than 3-times expected EBITDA.
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Read More on CRGY:
- Crescent Energy price target raised to $16 from $14 at JPMorgan
- Crescent Energy Raises $300M for Strategic Acquisition
- Crescent Energy 21.5M share Spot Secondary priced at $14.00
- Crescent Energy 18M share Spot Secondary; price range $14.00-$14.30
- Crescent Energy Acquires Ridgemar to Boost Eagle Ford Presence
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
