Crescent Energy initiated with an Overweight at Stephens

Stephens initiated coverage of Crescent Energy with an Overweight rating and $17 price target. The company offers one of the lowest production base decline rates in the industry, a rapidly strengthening balance sheet, a long track record of returning cash to shareholders, and underappreciated asset quality, the analyst tells investors in a research note. The firm adds that the stock looks well-positioned to close the valuation gap relative to its mid-cap peer group.