Crescent Energy (NYSE:CRGY) Shares Gap Up - Should You Buy?

Crescent Energy (NYSE:CRGY - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $9.52, but opened at $9.89. Crescent Energy shares last traded at $9.74, with a volume of 591,204 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. KeyCorp dropped their price objective on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Wells Fargo & Company dropped their price objective 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. Stephens restated an "overweight" rating and set a $17.00 price target on shares of Crescent Energy in a research note on Monday, March 3rd. Citigroup lowered Crescent Energy to a "reduce" rating in a research note on Wednesday, March 5th. Finally, Raymond James restated a "strong-buy" rating and set a $18.00 target price (down previously 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 given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Crescent Energy currently has a consensus rating of "Moderate Buy" and an average price target of $16.00.

Crescent Energy Price Performance

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 15.40 and a beta of 1.75. The company has a 50 day moving average price of $8.60 and a 200-day moving average price of $11.89.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.09. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The business had revenue of $950.17 million during the quarter, compared to the consensus estimate of $937.55 million. As a group, equities research analysts predict that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.03%. The ex-dividend date of this dividend was Monday, May 19th. Crescent Energy's dividend payout ratio is -106.67%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRGY. Louisiana State Employees Retirement System purchased a new position in Crescent Energy in the 4th quarter worth about $1,233,000. New York State Teachers Retirement System bought a new position in Crescent Energy during the fourth quarter valued at $798,000. Rhumbline Advisers boosted its holdings in shares of Crescent Energy by 126.2% in the 4th quarter. Rhumbline Advisers now owns 485,475 shares of the company's stock worth $7,093,000 after purchasing an additional 270,859 shares during the period. Principal Financial Group Inc. lifted its stake in Crescent Energy by 7,793.7% in the fourth quarter. Principal Financial Group Inc. now owns 847,549 shares of the company's stock worth $12,383,000 after purchasing an additional 836,812 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in shares of Crescent Energy during the fourth quarter valued at $248,000. 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.