Crescent Energy to Acquire SilverBow in $2.1B Deal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 16 2024
0mins
Source: WSJ
- Acquisition Deal: SilverBow Resources has agreed to be acquired by Crescent Energy, a Houston-based rival, in a deal valued at $2.1 billion.
- Stock Movement: Following the announcement, shares of SilverBow jumped 11% in premarket trading to $36, while Crescent shares slid 1% to $12.11.
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: 8.390
Low
10.00
Averages
12.80
High
15.00
Current: 8.390
Low
10.00
Averages
12.80
High
15.00
About CRGY
Crescent Energy Company is an energy company. The Company's investing and operating activities are focused on the Eagle Ford, Permian and Uinta basins. It operates in the oil, condensate and dry gas windows of Eagle Ford. Its premier position in the Permian spans both the Midland and Delaware basins. The Permian basin complements its strategy with stable production, low-risk development inventory and meaningful potential for resource expansion and further growth through acquisition opportunities. Its Uinta position has a large inventory of attractive, low-risk undeveloped locations with significant resource potential across multiple, prolific formations. The Uinta basin produces crude, and it sells 100% of its production into the Salt Lake City refining complex. Its minerals focus on Texas and the Rockies with exposure to operators.
About the author
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.
