Crescent Energy (NYSE:CRGY) Shares Gap Up - What's Next?

Key Points

• Crescent Energy shares gapped up before Friday’s open, opening at $10.71 after closing at $10.38 and last trading around $10.62 on volume of about 1.3 million shares.
• Analysts remain mixed on CRGY: several firms kept or upgraded to overweight/buy ratings with price targets around $18-$19, while others downgraded the stock; MarketBeat shows a consensus rating of Moderate Buy with a $15.58 target.
• The company recently beat first-quarter expectations with $0.53 EPS versus $0.39 expected and revenue of $1.18 billion, while also paying a quarterly dividend of $0.12 per share for a 4.6% annualized yield.

Crescent Energy Company (NYSE:CRGY - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $10.38, but opened at $10.71. Crescent Energy shares last traded at $10.6150, with a volume of 1,300,146 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRGY. KeyCorp reissued an "overweight" rating and set a $19.00 price target on shares of Crescent Energy in a research note on Thursday, June 11th. Zacks Research lowered Crescent Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Raymond James Financial lowered their price target on Crescent Energy from $20.00 to $18.00 and set a "strong-buy" rating for the company in a research report on Thursday, June 18th. Wall Street Zen downgraded Crescent Energy from a "buy" rating to a "hold" rating in a report on Saturday, June 27th. Finally, JPMorgan Chase & Co. raised shares of Crescent Energy from a "neutral" rating to an "overweight" rating and set a $19.00 target price for the company in a research report on Friday, March 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.58.

Crescent Energy Stock Performance

The stock has a 50 day simple moving average of $11.25 and a 200 day simple moving average of $11.09. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. The company has a market cap of $3.48 billion, a price-to-earnings ratio of -14.05 and a beta of 1.40.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its earnings results on Monday, May 4th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.14. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The company's revenue for the quarter was up 24.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.57 earnings per share. As a group, analysts predict that Crescent Energy Company will post 1.77 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, May 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.6%. Crescent Energy's dividend payout ratio (DPR) is currently -64.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wolverine Asset Management LLC acquired a new stake in shares of Crescent Energy during the fourth quarter valued at about $860,000. Legal & General Group Plc increased its stake in shares of Crescent Energy by 27.5% in the fourth quarter. Legal & General Group Plc now owns 585,827 shares of the company's stock worth $4,915,000 after buying an additional 126,330 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Crescent Energy by 34.6% in the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company's stock worth $228,981,000 after buying an additional 7,015,982 shares during the last quarter. Pickering Energy Partners LP raised its holdings in Crescent Energy by 5,373.0% in the fourth quarter. Pickering Energy Partners LP now owns 2,189,194 shares of the company's stock valued at $18,367,000 after acquiring an additional 2,149,194 shares in the last quarter. Finally, McAlvany Wealth Management LLC bought a new position in Crescent Energy during the 4th quarter valued at $1,130,000. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Company Profile

Crescent Energy Co NYSE: CRGY is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company's core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy's integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy's operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin's stacked pay intervals.

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