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

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Wells Fargo & Company cut their price objective on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $18.00 price target (down from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Mizuho cut their price target on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. KeyCorp lowered their price objective on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, Piper Sandler raised their price target on Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $16.09.

Crescent Energy Stock Performance

The company has a 50-day simple moving average of $8.99 and a two-hundred day simple moving average of $11.11. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $2.15 billion, a P/E ratio of -18.74 and a beta of 1.74.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.56 EPS 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 firm had revenue of $950.17 million for the quarter, compared to analysts' expectations of $937.55 million. As a group, equities analysts forecast that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a $0.12 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.48 dividend on an annualized basis and a yield of 5.69%. Crescent Energy's payout ratio is currently -106.67%.

Institutional Investors Weigh In On Crescent Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Brooklyn Investment Group increased its stake in shares of Crescent Energy by 1,110.3% in the 1st quarter. Brooklyn Investment Group now owns 2,457 shares of the company's stock worth $28,000 after purchasing an additional 2,254 shares in the last quarter. Allworth Financial LP bought a new position in Crescent Energy in the 1st quarter worth $34,000. Public Employees Retirement System of Ohio boosted its holdings in shares of 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 purchasing an additional 705 shares during the last quarter. Quarry LP boosted its holdings in shares of Crescent Energy by 263.4% during the 4th quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $64,000 after purchasing an additional 3,155 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Crescent Energy by 287.3% in 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 last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

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.