Crescent Energy (NYSE:CRGY) Shares Gap Down - Should You Sell?

Key Points

• Crescent Energy's stock gapped down from $9.94 to $9.17 before closing at $9.41, with significant trading volume of over 4 million shares.
• Analysts have varied opinions on Crescent Energy, with price targets ranging from a low of $12.00 to a high of $19.00, and a consensus rating of "Moderate Buy".
• The company recently announced a quarterly dividend of $0.12, reflecting a 5.1% dividend yield, despite a high dividend payout ratio of -266.67%.

Crescent Energy Company (NYSE:CRGY - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $9.94, but opened at $9.17. Crescent Energy shares last traded at $9.41, with a volume of 4,069,480 shares trading hands.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Piper Sandler increased their price target 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 reduced their price target on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Raymond James Financial reiterated a "strong-buy" rating and set a $14.00 price target (down from $16.00) on shares of Crescent Energy in a research report on Friday. William Blair assumed coverage on shares of Crescent Energy in a research report on Monday. They set an "outperform" rating on the stock. Finally, Wells Fargo & Company reduced their price target on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.70.

Crescent Energy Price Performance

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.75. The stock has a market cap of $2.40 billion, a P/E ratio of -52.31 and a beta of 1.86. The firm's fifty day moving average price is $9.13 and its 200-day moving average price is $9.82.

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

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be issued a $0.12 dividend. The ex-dividend date is Monday, August 18th. This represents a $0.48 annualized dividend and a dividend yield of 5.1%. Crescent Energy's dividend payout ratio (DPR) is currently -266.67%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRGY. Brooklyn Investment Group boosted its holdings in Crescent Energy by 1,110.3% in the first quarter. Brooklyn Investment Group now owns 2,457 shares of the company's stock valued at $28,000 after acquiring an additional 2,254 shares in the last quarter. Allworth Financial LP bought a new stake in Crescent Energy in the first quarter valued at $34,000. Public Employees Retirement System of Ohio boosted its holdings in Crescent Energy by 35.3% in the fourth 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 in the last quarter. Quarry LP boosted its holdings in Crescent Energy by 263.4% in the fourth quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $64,000 after acquiring an additional 3,155 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Crescent Energy by 287.3% in the second 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 in the last quarter. 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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