Crescent Energy (NYSE:CRGY) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Key Points

• Crescent Energy beat quarterly earnings estimates, reporting $0.69 EPS versus the $0.60 consensus, while revenue reached $1.39 billion compared with $1.26 billion expected.
• Shares slipped $0.04 to $11.43, with the stock trading between a 52-week range of $7.68 and $14.29. The company reported a negative 7.47% net margin, 8.10% return on equity, and a debt-to-equity ratio of 1.12.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $15.67, although Morgan Stanley recently downgraded the stock to underweight. Institutional investors own 52.11% of Crescent Energy.

Crescent Energy (NYSE:CRGY - Get Free Report) issued its quarterly earnings results on Monday. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.09, FiscalAI reports. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.26 billion.

Crescent Energy Price Performance

Shares of Crescent Energy stock traded down $0.04 on Monday, hitting $11.43. 5,625,190 shares of the company were exchanged, compared to its average volume of 7,206,213. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of -15.24 and a beta of 1.40. The company has a 50-day moving average price of $10.81 and a 200 day moving average price of $11.30. Crescent Energy has a 1-year low of $7.68 and a 1-year high of $14.29. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LLC increased its stake in shares of Crescent Energy by 62.6% in the 4th quarter. Corient Private Wealth LLC now owns 28,731 shares of the company's stock worth $241,000 after acquiring an additional 11,063 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Crescent Energy by 38.8% in the fourth quarter. Invesco Ltd. now owns 2,260,663 shares of the company's stock valued at $18,967,000 after purchasing an additional 632,147 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in shares of Crescent Energy by 79.9% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 26,096 shares of the company's stock valued at $219,000 after purchasing an additional 11,594 shares during the period. First Citizens Bank & Trust Co. grew its holdings in shares of Crescent Energy by 1.8% in the fourth quarter. First Citizens Bank & Trust Co. now owns 65,241 shares of the company's stock valued at $547,000 after purchasing an additional 1,152 shares during the period. Finally, State of Tennessee Department of Treasury raised its stake in Crescent Energy by 28.2% during the fourth quarter. State of Tennessee Department of Treasury now owns 218,993 shares of the company's stock worth $1,837,000 after purchasing an additional 48,221 shares during the period. Institutional investors and hedge funds own 52.11% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on CRGY. UBS Group initiated coverage on Crescent Energy in a research note on Tuesday, July 14th. They set a "buy" rating and a $13.00 price objective for the company. Zacks Research lowered Crescent Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. Stephens reiterated an "overweight" rating and set a $18.00 price target on shares of Crescent Energy in a research report on Tuesday, May 5th. Wells Fargo & Company boosted their price target on Crescent Energy from $14.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Finally, Morgan Stanley downgraded Crescent Energy to an "underweight" rating in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $15.67.

About Crescent Energy

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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