Crescent Energy (NYSE:CRGY) Shares Down 4.5% - Here's Why

Key Points

• Crescent Energy's shares experienced a decline of 4.5%, closing at $9.34, which is significantly lower than its previous close of $9.77.
• The stock has received a mix of ratings from analysts, with an average rating of "Moderate Buy" and a price target of $15.67.
• Recently, Crescent Energy announced a quarterly dividend of $0.12 per share, resulting in an annualized yield of 5.2%, despite having a payout ratio of -266.67%.

Crescent Energy Company (NYSE:CRGY - Get Free Report)'s share price was down 4.5% on Monday . The stock traded as low as $9.21 and last traded at $9.34. Approximately 914,452 shares changed hands during trading, a decline of 76% from the average daily volume of 3,797,742 shares. The stock had previously closed at $9.77.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CRGY shares. Wall Street Zen upgraded shares of Crescent Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Raymond James Financial set a $17.00 price objective on shares of Crescent Energy and gave the company a "strong-buy" rating in a research report on Wednesday, August 27th. Piper Sandler raised their price objective 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 shares of Crescent Energy from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Monday, September 15th. Finally, William Blair started coverage on shares of Crescent Energy in a research report on Monday, August 25th. They set an "outperform" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Crescent Energy presently has an average rating of "Moderate Buy" and an average price target of $15.67.

Crescent Energy Stock Performance

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.75. The company's fifty day moving average is $9.15 and its 200 day moving average is $9.11. The company has a market cap of $2.34 billion, a P/E ratio of -50.92 and a beta of 1.98.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. The business had revenue of $897.98 million for the quarter, compared to analyst estimates of $868.34 million. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. As a group, equities analysts predict that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

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

Institutional Investors Weigh In On Crescent Energy

A number of large investors have recently modified their holdings of CRGY. Brooklyn Investment Group boosted its stake in shares of Crescent Energy by 1,110.3% during the 1st quarter. Brooklyn Investment Group now owns 2,457 shares of the company's stock valued at $28,000 after purchasing an additional 2,254 shares in the last quarter. Allworth Financial LP bought a new stake in shares of Crescent Energy during the 1st quarter valued at about $34,000. Public Employees Retirement System of Ohio lifted its position in Crescent Energy by 35.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock valued at $40,000 after acquiring an additional 705 shares during the period. Osaic Holdings Inc. lifted its position in Crescent Energy by 25.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,301 shares of the company's stock valued at $46,000 after acquiring an additional 1,066 shares during the period. Finally, GAMMA Investing LLC lifted its position in Crescent Energy by 287.3% during the 2nd quarter. GAMMA Investing LLC now owns 9,585 shares of the company's stock valued at $82,000 after acquiring an additional 7,110 shares during the period. Institutional investors own 52.11% of the company's stock.

About Crescent Energy

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.

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