Crescent Energy (NYSE:CRGY) Reaches New 12-Month High - Here's Why

Key Points

• Crescent Energy shares reached a new 52-week high of $14.42, supported by generally favorable analyst sentiment. The stock has a “Moderate Buy” consensus rating and an average price target of $15.92.
• The company reported stronger-than-expected quarterly results, with EPS of $0.69 versus estimates of $0.59 and revenue of $1.39 billion, up 55.3% year over year.
• Crescent Energy declared a quarterly dividend of $0.12 per share, equivalent to $0.48 annually and a 3.3% yield. Institutional investors own approximately 52.11% of the company.

Shares of Crescent Energy Company (NYSE:CRGY - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $14.42 and last traded at $14.3350, with a volume of 830073 shares trading hands. The stock had previously closed at $14.07.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CRGY shares. Mizuho boosted their price target on shares of Crescent Energy from $15.00 to $16.00 and gave the company a "neutral" rating in a research note on Tuesday, August 4th. Raymond James Financial reissued a "strong-buy" rating and set a $19.00 target price on shares of Crescent Energy in a research note on Monday, August 3rd. Wells Fargo & Company cut their price target on shares of Crescent Energy from $24.00 to $19.00 and set an "overweight" rating on the stock in a research note on Wednesday. Wall Street Zen raised shares of Crescent Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings raised shares of Crescent Energy from a "sell (d)" rating to a "hold (c)" rating in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Crescent Energy has a consensus rating of "Moderate Buy" and an average target price of $15.92.

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 50-day simple moving average of $11.34 and a 200 day simple moving average of $11.85. The company has a market capitalization of $4.76 billion, a PE ratio of -288.24 and a beta of 1.45.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.26 billion. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The company's quarterly revenue was up 55.3% on a year-over-year basis. Equities analysts anticipate that Crescent Energy Company will post 2.07 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 paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, August 17th. Crescent Energy's dividend payout ratio is presently -960.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRGY. Kohlberg Kravis Roberts & Co. L.P. raised its position in Crescent Energy by 7.1% in the first 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. Vanguard Group Inc. grew 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 buying an additional 7,015,982 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Crescent Energy by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 13,171,033 shares of the company's stock valued at $177,810,000 after purchasing an additional 298,818 shares in the last quarter. State Street Corp increased its position in 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 purchasing an additional 2,767,096 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Crescent Energy by 29.0% in the fourth quarter. Geode Capital Management LLC now owns 5,592,793 shares of the company's stock worth $46,935,000 after acquiring an additional 1,256,114 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Company Profile

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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