Crescent Energy price target raised to $20 from $19 at Wells Fargo

Wells Fargo analyst Hanwen Chang raised the firm’s price target on Crescent Energy to $20 from $19 and keeps an Overweight rating on the shares. The firm expects Q1 production/EBITDA beats offset by free cash flow/capex miss. Wells reduces its Q1 EPS estimate after incorporating weaker gas benchmark pricing and lower oil ratio assumptions, but raises capex and production estimates.