Crescent Energy Company (NYSE:CRGY - Get Free Report)'s stock price shot up 6.4% during mid-day trading on Tuesday . The company traded as high as $9.34 and last traded at $9.40. 424,174 shares were traded during mid-day trading, a decline of 88% from the average session volume of 3,422,319 shares. The stock had previously closed at $8.83.
Analysts Set New Price Targets
A number of brokerages have issued reports on CRGY. Raymond James Financial restated a "strong-buy" rating and issued a $18.00 price objective (down previously from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. JPMorgan Chase & Co. reduced their price objective on Crescent Energy from $18.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. KeyCorp reduced their price objective on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Piper Sandler began coverage on Crescent Energy in a research note on Monday, June 9th. They issued an "overweight" rating and a $14.00 price objective for the company. Finally, Wells Fargo & Company reduced their price objective on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Crescent Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.00.
Get Our Latest Report on CRGY
Crescent Energy Price Performance
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 company has a market cap of $2.39 billion, a P/E ratio of -20.82 and a beta of 1.74. The firm has a 50 day moving average price of $8.92 and a two-hundred day moving average price of $11.29.
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 for the quarter, topping the consensus estimate 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 company had revenue of $950.17 million during the quarter, compared to the consensus estimate of $937.55 million. On average, analysts predict that Crescent Energy Company will post 0.77 EPS for the current fiscal year.
Crescent Energy Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $0.12 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.48 annualized dividend and a yield of 5.12%. Crescent Energy's dividend payout ratio is currently -106.67%.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC boosted its stake in Crescent Energy by 34.7% in the 1st quarter. Voya Investment Management LLC now owns 155,759 shares of the company's stock worth $1,751,000 after purchasing an additional 40,159 shares during the period. Rhumbline Advisers boosted its stake in Crescent Energy by 3.0% in the 1st quarter. Rhumbline Advisers now owns 500,087 shares of the company's stock worth $5,621,000 after purchasing an additional 14,612 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Crescent Energy by 32.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 244,456 shares of the company's stock valued at $2,748,000 after acquiring an additional 59,199 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Crescent Energy by 7.6% in the 1st quarter. Empowered Funds LLC now owns 1,046,469 shares of the company's stock valued at $11,762,000 after acquiring an additional 73,744 shares in the last quarter. Finally, Aristeia Capital L.L.C. purchased a new stake in shares of Crescent Energy in the 1st quarter valued at about $256,000. Institutional investors own 52.11% of the company's stock.
About Crescent Energy
(
Get Free Report)
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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