Crescent Energy (NYSE:CRGY) Shares Down 3.4% Following Analyst Downgrade

Crescent Energy Company (NYSE:CRGY - Get Free Report)'s stock price dropped 3.4% during trading on Monday after Wells Fargo & Company lowered their price target on the stock from $20.00 to $19.00. Wells Fargo & Company currently has an overweight rating on the stock. Crescent Energy traded as low as $9.43 and last traded at $9.45. Approximately 1,228,032 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 3,394,099 shares. The stock had previously closed at $9.78.

Other equities analysts have also recently issued reports about the stock. Mizuho decreased their price objective 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. KeyCorp cut their price target on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Stephens restated an "overweight" rating and set a $17.00 price objective on shares of Crescent Energy in a research note on Monday, March 3rd. Williams Trading set a $16.00 price objective on Crescent Energy in a report on Wednesday, March 5th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $18.00 target price (down from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $16.00.

Institutional Trading of Crescent Energy

Several institutional investors and hedge funds have recently bought and sold shares of CRGY. Public Employees Retirement System of Ohio lifted its stake in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock worth $40,000 after purchasing an additional 705 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Crescent Energy by 4.3% in the 4th quarter. Hsbc Holdings PLC now owns 18,902 shares of the company's stock valued at $276,000 after buying an additional 785 shares during the period. Dark Forest Capital Management LP grew its position in shares of Crescent Energy by 4.0% during the 4th quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company's stock valued at $487,000 after buying an additional 1,282 shares during the last quarter. Yousif Capital Management LLC grew its position in shares of Crescent Energy by 2.1% during the 1st quarter. Yousif Capital Management LLC now owns 66,806 shares of the company's stock valued at $751,000 after buying an additional 1,382 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Crescent Energy by 8.9% during the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company's stock worth $192,000 after acquiring an additional 1,397 shares during the period. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Stock Down 0.8%

The company has a debt-to-equity ratio of 1.10, a current ratio of 0.78 and a quick ratio of 0.78. The stock's fifty day simple moving average is $8.69 and its 200-day simple moving average is $11.82. The stock has a market cap of $2.43 billion, a P/E ratio of 5.23 and a beta of 1.75.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.09. Crescent Energy had a positive return on equity of 14.21% and a negative net margin of 2.88%. The business had revenue of $950.17 million for the quarter, compared to analysts' expectations of $937.55 million. On average, research analysts anticipate that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date of this dividend was Monday, May 19th. Crescent Energy's payout ratio is -106.67%.

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.