KeyBanc last night initiated coverage of Crescent Energy with an Overweight rating and $16 price target. Crescent is a diversified, oil-focused exploration and production company with assets predominantly in the Eagle Ford Shale in Texas and the Uinta Basin in Utah, the analyst tells investors in a research note. The firm says the company also has mature, low-decline assets in the Rockies, as well as a sizable minerals portfolio. Its bullish thesis is “supported by an increasingly clean ownership structure.” KeyBanc is also bullish on the embedded optionality provided by Crescent’s outsized ownership of minerals.
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