Crescent Energy (NYSE:CRGY) Hits New 1-Year High - What's Next?

Key Points

• Crescent Energy shares hit a new 52-week high of $15.47, trading well above their 50-day and 200-day moving averages. The stock has a market capitalization of approximately $5.08 billion.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $16.42. Recent targets include $19 from UBS, Wells Fargo and KeyCorp.
• Crescent Energy exceeded quarterly expectations, reporting $0.69 in earnings per share and $1.39 billion in revenue, up 55.3% year over year. The company also pays a quarterly dividend of $0.12 per share, while institutional investors own 52.11% of the stock.

Crescent Energy Company (NYSE:CRGY - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $15.47 and last traded at $15.3780, with a volume of 7056857 shares trading hands. The stock had previously closed at $14.59.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRGY. Weiss Ratings raised Crescent Energy from a "sell (d)" rating to a "hold (c)" rating in a research report on Monday, August 17th. UBS Group reiterated a "buy" rating and issued a $19.00 target price on shares of Crescent Energy in a research report on Monday. Wells Fargo & Company cut their price objective on shares of Crescent Energy from $24.00 to $19.00 and set an "overweight" rating for the company in a report on Wednesday, September 2nd. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Crescent Energy in a research note on Thursday, September 10th. Finally, KeyCorp restated an "overweight" rating and issued a $19.00 price objective on shares of Crescent Energy in a report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Crescent Energy currently has an average rating of "Moderate Buy" and an average price target of $16.42.

Crescent Energy Stock Performance

The company has a debt-to-equity ratio of 1.00, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $5.08 billion, a PE ratio of -307.50 and a beta of 1.45. The stock has a 50 day moving average of $12.26 and a two-hundred day moving average of $12.13.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.26 billion. The firm's revenue was up 55.3% compared to the same quarter last year. Research analysts expect that Crescent Energy Company will post 2.17 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, August 17th. Crescent Energy's dividend payout ratio (DPR) is currently -960.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its position in shares of Crescent Energy by 308.2% during the first quarter. Bank of America Corp DE now owns 3,056,820 shares of the company's stock worth $41,267,000 after acquiring an additional 2,307,971 shares during the last quarter. Pickering Energy Partners LP increased its stake in Crescent Energy by 5,373.0% during the 4th quarter. Pickering Energy Partners LP now owns 2,189,194 shares of the company's stock valued at $18,367,000 after buying an additional 2,149,194 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Crescent Energy in the second quarter valued at $19,415,000. Kohlberg Kravis Roberts & Co. L.P. boosted its stake in shares of Crescent Energy by 7.1% during the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company's stock worth $386,847,000 after acquiring an additional 1,897,230 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of Crescent Energy by 74.1% in the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company's stock valued at $57,435,000 after purchasing an additional 1,810,225 shares in the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Energy

Crescent Energy Company NYSE: CRGY is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.