Crescent Energy Announces Early Exchange Offers for 2029 and 2030 Senior Notes

Written by Emily J. Thompson, Senior Investment Analyst

CRGY.N-1.05%

Source: Businesswire

Updated: 1 hour ago

0mins

Source: Businesswire

Bond Exchange Program: Crescent Energy Finance is offering up to $298.21 million in 7.75% Senior Notes due 2029 and $302.36 million in 9.75% Senior Notes due 2030 to optimize its capital structure and reduce financial risk.
Subscription Success: As of December 12, 2025, 94.21% of the 2029 Notes and 76.26% of the 2030 Notes have been validly tendered, indicating strong investor interest in the new notes and enhancing the company's financing capabilities.
Amendment Impact: By proposing amendments to eliminate most restrictive covenants in existing notes, Crescent aims to provide greater operational flexibility for future financing and strategic development, which could lead to improved business performance.
Timeline and Incentives: The exchange offers will expire on December 30, 2025, and upon successful exchange, holders will receive a cash incentive of $2.50 per $1,000 of existing notes, further encouraging participation and boosting market confidence.

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Analyst Views on CRGY

Wall Street analysts forecast CRGY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CRGY is 12.80 USD with a low forecast of 10.00 USD and a high forecast of 15.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

6 Analyst Rating

5 Buy

1 Hold

0 Sell

Strong Buy

Current: 9.500

Low

10.00

Averages

12.80

High

15.00

Current: 9.500

Low

10.00

Averages

12.80

High

15.00

Mizuho

William Janela

Neutral

maintain

$11 -> $12

2025-12-12

New

Reason

Mizuho

William Janela

Price Target

$11 -> $12

2025-12-12

New

maintain

Neutral

Reason

Mizuho analyst William Janela raised the firm's price target on Crescent Energy to $12 from $11 and keeps a Neutral rating on the shares. The firm adjusted ratings and targets in the exploration and production group as part of its 2026 outlook. While sentiment for U.S. oil and gas names is negative on oil market oversupply and high gas storage, there is "underappreciated value" in the group, particularly in exploration and production on longer-term fundamentals that could start becoming realized in 2026, the analyst tells investors in a research note. Mizuho suggests a reallocation of risk toward oil E&Ps with a selective bias in gas stocks. It turned more neutral on refining.

Piper Sandler

Mark Lear

Overweight

downgrade

$15 -> $13

2025-11-18

Reason

Piper Sandler

Mark Lear

Price Target

$15 -> $13

2025-11-18

downgrade

Overweight

Reason

Piper Sandler analyst Mark Lear lowered the firm's price target on Crescent Energy to $13 from $15 and keeps an Overweight rating on the shares. The firm updated exploration and production models post the Q3 reports. The sector posted strong results with operations, efficiencies and costs trending in the right direction, but the oil macro environment "still doesn't feel great," the analyst tells investors in a research note. Piper thinks the rally in gas equities "has run a bit too far."

Mizuho

Neutral

downgrade

$12 -> $10

2025-09-15

Reason

Mizuho

Price Target

$12 -> $10

2025-09-15

downgrade

Neutral

Reason

Mizuho lowered the firm's price target on Crescent Energy to $10 from $12 and keeps a Neutral rating on the shares. The firm adjusted ratings in the integrated oil space after updating its commodity price outlook and valuations. Mizuho still sees a positive skew in gas prices over the next 12 months. Oil stocks are pricing in the current strip while gas stocks offer a 10%-15% discount based on implied commodity prices, the analyst tells investors in a research note. As such, the firm maintains a relative preference for large-cap, gas exploration and production companies with "selective exposure" to core oil names.

Raymond James

John Freeman

Strong Buy

maintain

$14 -> $17

2025-08-27

Reason

Raymond James

John Freeman

Price Target

$14 -> $17

2025-08-27

maintain

Strong Buy

Reason

Raymond James analyst John Freeman raised the firm's price target on Crescent Energy (CRGY) to $17 from $14 and keeps a Strong Buy rating on the shares following Crescent's agreement to acquire Vital Energy (VTLE) in an all-stock deal. The transaction establishes Crescent as "a top 10 liquids-weighted E&P based on production," according to the analyst, who is forecasting 2026 production of 375.2 Mboe/d.

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About CRGY

Crescent Energy Company is an energy company. The Company’s operations are focused on in Texas and the Rocky Mountain region. It has a single operating segment, namely the exploration and production of crude oil, natural gas, and Natural Gas Liquids (NGLs). It also operates conventional assets in Wyoming, where it is active in carbon capture, use and storage (CCUS). It is an operator in the Eagle Ford with a proven ability to scale and safely capture operational upside. It operates in both the oil and condensate windows of Eagle Ford. Its Uinta position has a large inventory of low-risk undeveloped locations with resource potential across multiple, prolific formations. Its Wyoming operations comprise low-decline conventional production spanning numerous conventional fields. It operates two oil recovery projects (EOR) in Wyoming. Its subsidiaries include Artemis Acquisition Holdings Inc., Artemis Merger Sub II LLC, Bridge Energy LLC, CMP Legacy Co. LLC, among others.

About the author

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Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.