Crescent Energy (NYSE:CRGY) Posts Earnings Results, Beats Estimates By $0.20 EPS

Key Points

• Crescent Energy reported quarterly earnings of $0.43 per share, significantly exceeding the consensus estimate of $0.17.
• The company declared a quarterly dividend of $0.12 per share, representing an annualized yield of 5.4%, despite a negative dividend payout ratio of -106.67%.
• Analysts have mixed opinions on Crescent Energy, with a consensus rating of "Moderate Buy" and a price target averaging $16.10.

Crescent Energy (NYSE:CRGY - Get Free Report) posted its quarterly earnings data on Monday. The company reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.20, Zacks reports. The business had revenue of $897.98 million during the quarter, compared to the consensus estimate of $868.34 million. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%.

Crescent Energy Stock Down 0.4%

Shares of NYSE:CRGY traded down $0.04 during mid-day trading on Friday, hitting $9.17. 841,188 shares of the company traded hands, compared to its average volume of 3,479,580. Crescent Energy has a 12-month low of $6.83 and a 12-month high of $16.94. The company has a current ratio of 0.88, a quick ratio of 0.78 and a debt-to-equity ratio of 0.75. The stock has a 50-day moving average price of $9.05 and a two-hundred day moving average price of $10.37. The stock has a market cap of $2.34 billion, a P/E ratio of -50.88 and a beta of 1.86.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a $0.48 annualized dividend and a dividend yield of 5.2%. Crescent Energy's payout ratio is presently -266.67%.

Hedge Funds Weigh In On Crescent Energy

Hedge funds have recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Crescent Energy by 32.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 244,456 shares of the company's stock worth $2,748,000 after acquiring an additional 59,199 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Crescent Energy by 42.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company's stock valued at $44,616,000 after purchasing an additional 1,174,576 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Crescent Energy by 6.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,670 shares of the company's stock worth $1,109,000 after acquiring an additional 6,184 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Crescent Energy by 8.9% in the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company's stock valued at $192,000 after acquiring an additional 1,397 shares during the period. Finally, Royal Bank of Canada raised its position in shares of Crescent Energy by 16.1% in the first quarter. Royal Bank of Canada now owns 58,900 shares of the company's stock worth $662,000 after buying an additional 8,173 shares in the last quarter. Institutional investors own 52.11% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CRGY shares. Wells Fargo & Company dropped their price target on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Piper Sandler upped their price target on shares of Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Mizuho lowered their price objective on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Finally, KeyCorp cut their target price on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $16.10.

Crescent Energy Company Profile

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.