Truist raised the firm’s price target on Crescent Energy (CRGY) to $20 from $19 and keeps a Buy rating on the shares. The firm’s acquisition of SilverBow Resources (SBOW) should quickly boost its free cash flow and other key drivers, and there is potential follow-on upside as Crescent improves a number of operations, the analyst tells investors in a research note. Crescent pro forma company should generate nearly a 30% 2025 free cash flow yield, providing strong shareholder return and potentially more through accretive additions, the firm added.
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Read More on CRGY:
- Crescent Energy to Acquire SilverBow Resources, Enhancing Market Presence
- Crescent Energy’s Strategic Merger with SilverBow Resources
- Crescent Energy to acquireSilverBow Resources for $2.1B
- Crescent Energy price target raised to $14 from $13 at Mizuho
- Crescent Energy reports Q1 adjusted EBITDA $313.3M vs. $232.0M last year