Crescent Energy (NYSE:CRGY) Releases Earnings Results, Beats Expectations By $0.14 EPS

Key Points

• Crescent Energy reported Q EPS of $0.53, beating estimates of $0.39 by $0.14, and posted revenue of $1.18 billion versus $1.15 billion expected.
• Shares rose to $13.71 on the news, and several analysts have turned more bullish—raising targets to $18–$19—while the consensus rating is a "Moderate Buy" with an average target of $15.50.
• The company declared a quarterly dividend of $0.12 ($0.48 annualized) for a ~3.5% yield, though the dividend payout ratio is high at 92.31%.

Crescent Energy (NYSE:CRGY - Get Free Report) released its earnings results on Monday. The company reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.14, FiscalAI reports. The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.15 billion. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%.

Crescent Energy Stock Performance

Shares of NYSE CRGY traded up $0.25 during trading on Monday, reaching $13.71. 7,206,243 shares of the company traded hands, compared to its average volume of 7,677,970. The firm has a 50 day simple moving average of $12.37 and a 200-day simple moving average of $10.14. Crescent Energy has a 52-week low of $7.68 and a 52-week high of $14.02. The stock has a market capitalization of $4.49 billion, a PE ratio of 26.36 and a beta of 1.44. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.07.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Wednesday, March 11th. Crescent Energy's dividend payout ratio (DPR) is presently 92.31%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. grew its position in Crescent Energy by 25.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,301 shares of the company's stock worth $46,000 after purchasing an additional 1,066 shares during the period. First Citizens Bank & Trust Co. lifted its holdings in shares of Crescent Energy by 1.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 65,241 shares of the company's stock valued at $547,000 after buying an additional 1,152 shares during the period. AQR Capital Management LLC lifted its holdings in shares of 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 buying an additional 1,397 shares during the period. Comerica Bank boosted its stake in shares of Crescent Energy by 2.1% in the 3rd quarter. Comerica Bank now owns 84,852 shares of the company's stock worth $757,000 after buying an additional 1,726 shares during the last quarter. Finally, Oxford Asset Management LLP boosted its stake in shares of Crescent Energy by 7.7% in the 4th quarter. Oxford Asset Management LLP now owns 30,763 shares of the company's stock worth $258,000 after buying an additional 2,198 shares during the last quarter. Institutional investors own 52.11% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Crescent Energy from $14.00 to $18.00 and gave the stock an "overweight" rating in a research note on Thursday, April 23rd. JPMorgan Chase & Co. upgraded shares of Crescent Energy from a "neutral" rating to an "overweight" rating and set a $19.00 target price on the stock in a research note on Friday, March 20th. BMO Capital Markets began coverage on shares of Crescent Energy in a report on Friday, January 9th. They set a "market perform" rating and a $10.00 price target on the stock. Zacks Research raised shares of Crescent Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 3rd. Finally, KeyCorp upped their price objective on Crescent Energy from $15.00 to $19.00 and gave the company an "overweight" rating in a research report on Thursday, April 2nd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $15.50.

Crescent Energy Company Profile

Crescent Energy Co NYSE: CRGY is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company's core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy's integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy's operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin's stacked pay intervals.

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