Crescent Energy Builds Eagle Ford Position [Seeking Alpha]
Crescent Energy Company (CRGY)
Company Research
Source: Seeking Alpha
Summary Crescent Energy's bolt-on acquisition of Eagle Ford acreage will likely be worth more as part of more contiguous acreage. The $168 million purchase for 3,500 acres in an oily area of Eagle Ford is a bargain, significantly below typical Permian prices. The deal allows for more profitable, longer wells due to contiguous acreage. This is more profitable than two separate parts under different owners. Despite the acquisition, Crescent Energy maintains a healthy debt ratio. This is not the usual KKR leverage strategy. Economies of scale should become apparent over the next year or so now that the position in the Eagle Ford has likely become large enough. bjdlzx The past article has mentioned how Crescent Energy ( NYSE: CRGY ) has made the Eagle Ford a core operating area with the acquisition of SilverBow. But KKR runs the show here and the main idea was to take advantage of cheap prices to build a valuable upstream company. Therefore, another acquisition in the Eagle
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CRGY
News
- Crescent Energy (NYSE: CRGY) is now covered by analysts at JPMorgan Chase & Co.. They set a "neutral" rating and a $12.00 price target on the stock.MarketBeat
- Crescent Energy (NYSE: CRGY) had its price target lowered by analysts at Mizuho from $14.00 to $13.00. They now have a "neutral" rating on the stock.MarketBeat
- Crescent Energy (CRGY) Flat As Market Gains: What You Should Know [Yahoo! Finance]Yahoo! Finance
- Crescent Energy (NYSE: CRGY) had its price target raised by analysts at Wells Fargo & Company from $20.00 to $21.00. They now have an "overweight" rating on the stock.MarketBeat
- Crescent Energy Announces Pricing of $250 Million Private Placement of Additional 7.375% Senior Notes Due 2033Business Wire
CRGY
Earnings
- 8/5/24 - Beat
CRGY
Sec Filings
- 9/9/24 - Form 4
- 9/9/24 - Form 4
- 9/9/24 - Form 4
- CRGY's page on the SEC website