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:
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