Crescent Energy (NYSE:CRGY) Trading Down 6.6% - Here's Why

Key Points

• Crescent Energy shares fell 6.6% to about $10.53 in mid-day trading, with volume below the stock’s average session level.
• Despite the decline, analysts maintain a consensus “Moderate Buy” rating and an average price target of $15.58, implying substantial upside from current levels; ratings range from “Strong Buy” to “Sell.”
• The company recently exceeded quarterly earnings and revenue estimates, reported 24.5% year-over-year revenue growth, and pays a $0.12 quarterly dividend yielding approximately 4.6%. Institutional investors own 52.11% of the stock.

Crescent Energy Company (NYSE:CRGY - Get Free Report) shares fell 6.6% during mid-day trading on Monday . The stock traded as low as $10.50 and last traded at $10.5250. 4,949,730 shares were traded during trading, a decline of 32% from the average session volume of 7,261,333 shares. The stock had previously closed at $11.27.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CRGY. UBS Group initiated coverage on Crescent Energy in a research note on Tuesday, July 14th. They issued a "buy" rating and a $13.00 price target for the company. KeyCorp reissued an "overweight" rating and set a $19.00 price objective on shares of Crescent Energy in a research report on Thursday, June 11th. Raymond James Financial decreased their price objective on shares of Crescent Energy from $20.00 to $18.00 and set a "strong-buy" rating for the company in a report on Thursday, June 18th. Weiss Ratings cut shares of Crescent Energy from a "hold (c)" rating to a "sell (d)" rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen lowered shares of Crescent Energy from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $15.58.

Crescent Energy Price Performance

The stock has a market cap of $3.46 billion, a P/E ratio of -13.97 and a beta of 1.40. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a 50-day moving average price of $11.06 and a 200-day moving average price of $11.20.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.14. The company had revenue of $1.18 billion for 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 firm's revenue was up 24.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 earnings per share. On average, analysts forecast that Crescent Energy Company will post 1.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were given a $0.12 dividend. The ex-dividend date of this dividend 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 is currently -64.00%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Crescent Energy by 34.6% during the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company's stock valued at $228,981,000 after purchasing an additional 7,015,982 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Crescent Energy by 775.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,303,260 shares of the company's stock worth $27,714,000 after buying an additional 2,925,780 shares during the last quarter. State Street Corp grew its stake in shares of Crescent Energy by 27.6% in the 4th quarter. State Street Corp now owns 12,808,605 shares of the company's stock worth $107,464,000 after buying an additional 2,767,096 shares during the last quarter. Bank of America Corp DE increased its position in Crescent Energy by 308.2% during the 1st quarter. Bank of America Corp DE now owns 3,056,820 shares of the company's stock valued at $41,267,000 after buying an additional 2,307,971 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Crescent Energy by 77.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,105,558 shares of the company's stock valued at $42,836,000 after buying an additional 2,234,324 shares during the last quarter. 52.11% of the stock is currently owned by institutional investors.

About Crescent Energy

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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