JPMorgan upgraded Crescent Energy (CRGY) to Overweight from Neutral with a price target of $19, up from $14, after resuming coverage following a period of restriction. The firm is “impressed” with the company’s success in consolidating the Eagle Ford and improving capital efficiency. Crescent is now the third largest oil producer in the play, the analyst tells investors in a research note. Crescent also moved its royalty assets into a separate entity, with could pave the way for a future transaction if the market continues to not recognize the value of the royalty business, contends JPMorgan.
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Read More on CRGY:
- Crescent Energy upgraded to Overweight from Neutral at JPMorgan
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