Crescent Energy (NYSE:CRGY) Shares Up 6.8% - Here's Why

Key Points

• Crescent Energy's shares rose 6.8%, reaching a last traded price of $9.08, although trading volume declined to about 812,199 shares, significantly lower than the average.
• Analysts have mixed views on Crescent Energy, with ratings ranging from "Strong Buy" to "Sell," and a consensus price target of $15.80.
• The company recently declared a quarterly dividend of $0.12, representing an annualized yield of 5.2% for investors of record on August 18th.

Crescent Energy Company (NYSE:CRGY - Get Free Report)'s share price rose 6.8% during trading on Tuesday . The stock traded as high as $9.02 and last traded at $9.08. Approximately 812,199 shares were traded during trading, a decline of 78% from the average daily volume of 3,736,693 shares. The stock had previously closed at $8.50.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Mizuho decreased their target price on Crescent Energy from $12.00 to $10.00 and set a "neutral" rating on the stock in a research note on Monday, September 15th. Zacks Research downgraded shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Wells Fargo & Company decreased their price target 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. William Blair assumed coverage on shares of Crescent Energy in a report on Monday, August 25th. They set an "outperform" rating for the company. Finally, Wall Street Zen raised Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $15.80.

Crescent Energy Price Performance

The company has a market cap of $2.33 billion, a PE ratio of -50.81 and a beta of 1.98. The firm's 50-day moving average is $9.06 and its 200-day moving average is $9.14. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.75.

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

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend was Monday, August 18th. Crescent Energy's dividend payout ratio is presently -266.67%.

Institutional Trading of Crescent Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. lifted its position in Crescent Energy by 7.4% during the 1st quarter. Principal Financial Group Inc. now owns 910,171 shares of the company's stock valued at $10,230,000 after acquiring an additional 62,622 shares during the period. Amalgamated Bank increased its stake in shares of Crescent Energy by 3.0% during the first quarter. Amalgamated Bank now owns 51,467 shares of the company's stock valued at $578,000 after purchasing an additional 1,506 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Crescent Energy during the first quarter valued at approximately $3,355,000. Victory Capital Management Inc. lifted its holdings in shares of Crescent Energy by 12.4% during the first quarter. Victory Capital Management Inc. now owns 849,692 shares of the company's stock valued at $9,551,000 after purchasing an additional 93,690 shares during the last quarter. Finally, KBC Group NV bought a new stake in shares of Crescent Energy in the 1st quarter worth approximately $117,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

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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