Crescent Energy (NYSE:CRGY) Trading Down 4.5% - Here's What Happened

Crescent Energy Company (NYSE:CRGY - Get Free Report)'s share price was down 4.5% on Monday . The company traded as low as $8.83 and last traded at $8.84. Approximately 811,157 shares changed hands during trading, a decline of 76% from the average daily volume of 3,439,933 shares. The stock had previously closed at $9.25.

Wall Street Analyst Weigh In

CRGY has been the subject of a number of analyst reports. Raymond James Financial reiterated a "strong-buy" rating and set a $18.00 target price (down previously from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Piper Sandler initiated coverage on shares of Crescent Energy in a research note on Monday, June 9th. They set an "overweight" rating and a $14.00 target price for the company. Mizuho lowered their target price on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company lowered their target price on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Finally, KeyCorp lowered their target price on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.00.

Crescent Energy Stock Performance

The firm has a fifty day simple moving average of $8.97 and a 200-day simple moving average of $11.18. The company has a market cap of $2.24 billion, a PE ratio of -19.48 and a beta of 1.74. 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 (NYSE:CRGY - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.09. The company had revenue of $950.17 million for the quarter, compared to analyst estimates of $937.55 million. Crescent Energy had a positive return on equity of 14.21% and a negative net margin of 2.88%. On average, research analysts forecast that Crescent Energy Company will post 0.77 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.48 annualized dividend and a dividend yield of 5.48%. Crescent Energy's dividend payout ratio (DPR) is -106.67%.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds have recently made changes to their positions in CRGY. Raymond James Financial Inc. acquired a new stake in Crescent Energy in the fourth quarter valued at about $1,811,000. Amalgamated Bank lifted its position in Crescent Energy by 3.0% in the first quarter. Amalgamated Bank now owns 51,467 shares of the company's stock valued at $578,000 after purchasing an additional 1,506 shares during the period. SCP Investment LP acquired a new stake in Crescent Energy in the fourth quarter valued at about $409,000. Clearbridge Investments LLC acquired a new stake in Crescent Energy in the fourth quarter valued at about $9,869,000. Finally, Thrivent Financial for Lutherans acquired a new stake in Crescent Energy in the fourth quarter valued at about $2,981,000. Institutional investors and hedge funds own 52.11% of the company's stock.

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.