Crescent Energy (NYSE:CRGY) Trading 4.6% Higher - Still a Buy?

Key Points

• Crescent Energy shares rose 4.6% to about $15.26 in mid-day trading, although volume was 67% below the stock’s average.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $16.42; individual targets range as high as $19.
• The company beat quarterly expectations, reporting $0.69 in adjusted EPS versus $0.59 expected and $1.39 billion in revenue, up 55.3% year over year. Crescent also pays a quarterly dividend of $0.12 per share, yielding approximately 3.1%.

Shares of Crescent Energy Company (NYSE:CRGY - Get Free Report) shot up 4.6% during mid-day trading on Tuesday . The stock traded as high as $15.29 and last traded at $15.2550. 2,288,018 shares traded hands during trading, a decline of 67% from the average daily volume of 6,923,709 shares. The stock had previously closed at $14.59.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CRGY shares. Stephens upped their target price on Crescent Energy from $17.00 to $18.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. Zacks Research lowered shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Wells Fargo & Company decreased their price target on shares of Crescent Energy from $24.00 to $19.00 and set an "overweight" rating for the company in a research note on Wednesday, September 2nd. Wall Street Zen upgraded shares of Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $19.00 target price 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 assigned 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 Price Performance

The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00. The stock has a fifty day simple moving average of $12.14 and a two-hundred day simple moving average of $12.10. The company has a market cap of $5.07 billion, a PE ratio of -307.26 and a beta of 1.45.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.69 EPS 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 business had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.26 billion. Crescent Energy's quarterly revenue was up 55.3% compared to the same quarter last year. On average, equities analysts predict that Crescent Energy Company will post 2.17 EPS for the current fiscal year.

Crescent Energy Announces Dividend

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

Institutional Trading of Crescent Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP increased its position in Crescent Energy by 29.0% during the 1st quarter. First Trust Advisors LP now owns 1,542,176 shares of the company's stock worth $20,819,000 after purchasing an additional 346,242 shares in the last quarter. Kohlberg Kravis Roberts & Co. L.P. lifted its holdings in Crescent Energy by 7.1% in the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company's stock valued at $386,847,000 after purchasing an additional 1,897,230 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of 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 worth $41,267,000 after purchasing an additional 2,307,971 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Crescent Energy by 74.1% during the 1st quarter. Jennison Associates LLC now owns 4,254,407 shares of the company's stock worth $57,435,000 after purchasing an additional 1,810,225 shares during the last quarter. Finally, McAlvany Wealth Management LLC grew its holdings in shares of Crescent Energy by 71.6% during the first quarter. McAlvany Wealth Management LLC now owns 231,105 shares of the company's stock worth $3,129,000 after buying an additional 96,406 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company's stock.

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.

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