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Crescent Energy Company (NYSE:CRGY) is one of the 8 most undervalued oil stocks to buy. Mark Lear from Piper Sandler increased the firm’s price target on Crescent Energy Company (NYSE:CRGY) from $14 to $16 while keeping an Overweight rating on March 12. The firm’s upwardly adjusted price target implies an additional 33% upside from current levels. The firm has revised its price target on the stock upward twice so far in March, first on March 5 and again on March 12. Both upward revisions were based on the same geopolitical backdrop. The conflict involving Iran has increased risks to the global energy supply and strengthened the investment case for energy equities.
The price target revision reflects the firm’s higher commodity price assumptions. Piper Sandler said it has increased its mid-cycle crude oil forecast to $75 per barrel from $70 per barrel. The change came as the conflict involving Iran raised concerns about global oil supply. The analyst expects the situation to have longer-lasting disruptions to global oil supply. According to the firm, higher oil prices may be needed to encourage continued investment in production, especially as supply risks remain elevated.
According to a report released on March 6, Siebert Williams Shank & Co analyst Gabriele Sorbara also reaffirmed a Buy rating on Crescent Energy Company (NYSE:CRGY), along with the price target of $18.
Crescent Energy Company (NYSE:CRGY) is an energy company with a portfolio of oil and gas assets in Texas and the Rocky Mountain region. The company is based in Houston, Texas.
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