Crescent Energy (NYSE:CRGY) Trading Up 6.4% - Here's Why

Crescent Energy Company (NYSE:CRGY - Get Free Report)'s share price traded up 6.4% during trading on Tuesday . The stock traded as high as $9.34 and last traded at $9.40. 424,174 shares were traded during 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

Several equities analysts have commented on the stock. Mizuho lowered their target price on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. KeyCorp lowered their target price on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Piper Sandler began coverage on shares of Crescent Energy in a report on Monday, June 9th. They issued an "overweight" rating and a $14.00 target price on the stock. Wells Fargo & Company dropped their target price 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. Finally, JPMorgan Chase & Co. dropped their target price on shares of Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $16.00.

Crescent Energy Stock Performance

The firm's 50-day moving average price is $8.95 and its two-hundred day moving average price is $11.25. The firm has a market capitalization of $2.37 billion, a PE ratio of -20.66 and a beta of 1.74. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.10.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.47 by $0.09. The business had revenue of $950.17 million during the quarter, compared to analysts' expectations of $937.55 million. Crescent Energy had a negative net margin of 2.88% and a positive return on equity of 14.21%. As a group, research analysts predict that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date was Monday, May 19th. Crescent Energy's dividend payout ratio is -106.67%.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its position in shares of 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 purchasing an additional 705 shares during the period. Hsbc Holdings PLC raised its position in shares of Crescent Energy by 4.3% in the fourth quarter. Hsbc Holdings PLC now owns 18,902 shares of the company's stock valued at $276,000 after purchasing an additional 785 shares during the period. Dark Forest Capital Management LP increased its position in Crescent Energy by 4.0% during the fourth quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company's stock worth $487,000 after acquiring an additional 1,282 shares during the period. Yousif Capital Management LLC increased its position in Crescent Energy by 2.1% during the first quarter. Yousif Capital Management LLC now owns 66,806 shares of the company's stock worth $751,000 after acquiring an additional 1,382 shares during the period. Finally, AQR Capital Management LLC increased its position in Crescent Energy by 8.9% during the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company's stock worth $192,000 after acquiring an additional 1,397 shares during the period. 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.