Crescent Energy initiated with an Outperform at Evercore ISI

Evercore ISI analyst Stephen Richardson initiated coverage of Crescent Energy with an Outperform rating and $16 price target. The “unique acquisition focused E&P” managed by KKR’s Energy Real Asset team is positioned to benefit from the continued consolidation of mature upstream assets, the analyst tells investors. Evercore sees an attractive entry point for investors, with shares trading at a one-turn discount to E&P peers and potential to see 2024 capital efficiency surprise to the upside, the analyst added.