Crescent Energy initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Crescent Energy (CRGY) with an Overweight rating and $14 price target Crescent has had a clear strategy of rolling up the Eagle Ford, which, despite being a mature oil shale basin, remains fragmented and of secondary focus to peers, the analyst tells investors in a research note. The firm sees the company in position to take advantage of countercyclical acquisition opportunities, while also pivoting to gas activity in the constructive gas macro environment.