Crescent Energy (NYSE:CRGY) Announces Quarterly Earnings Results, Beats Expectations 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) released its quarterly earnings results on Monday. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.23 by $0.20, Zacks reports. Crescent Energy had a negative net margin of 2.88% and a positive return on equity of 14.21%. The firm had revenue of $897.98 million during the quarter, compared to the consensus estimate of $868.34 million.

Crescent Energy Stock Performance

NYSE:CRGY opened at $8.87 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.10. Crescent Energy has a fifty-two week low of $6.83 and a fifty-two week high of $16.94. The stock has a market cap of $2.26 billion, a PE ratio of -19.70 and a beta of 1.86. The firm's fifty day simple moving average is $9.02 and its 200-day simple moving average is $10.44.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its holdings in Crescent Energy by 42.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company's stock valued at $44,616,000 after acquiring an additional 1,174,576 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Crescent Energy by 32.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 244,456 shares of the company's stock valued at $2,748,000 after acquiring an additional 59,199 shares in the last quarter. Royal Bank of Canada increased its holdings in Crescent Energy by 16.1% during the 1st quarter. Royal Bank of Canada now owns 58,900 shares of the company's stock valued at $662,000 after acquiring an additional 8,173 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Crescent Energy by 6.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,670 shares of the company's stock valued at $1,109,000 after acquiring an additional 6,184 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Crescent Energy by 8.9% during the 1st 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 in the last quarter. 52.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRGY has been the subject of several research reports. 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 reduced their price target on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Wells Fargo & Company reduced their price target on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Finally, KeyCorp reduced their price target on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.