Crescent Energy (NYSE:CRGY) Shares Gap Down – Here’s Why

Crescent Energy Company (NYSE:CRGY)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $11.58, but opened at $10.93. Crescent Energy shares last traded at $11.0740, with a volume of 610,941 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. KeyCorp reiterated an “overweight” rating and set a $19.00 price objective on shares of Crescent Energy in a report on Thursday. Zacks Research upgraded shares of Crescent Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, April 3rd. JPMorgan Chase & Co. upgraded shares of Crescent Energy from a “neutral” rating to an “overweight” rating and set a $19.00 price target on the stock in a report on Friday, March 20th. Johnson Rice restated an “accumulate” rating and set a $19.00 price target on shares of Crescent Energy in a report on Wednesday, March 25th. Finally, William Blair restated an “outperform” rating on shares of Crescent Energy in a report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.00.

Crescent Energy Trading Down 4.4%

The firm has a market cap of $3.66 billion, a P/E ratio of -14.82 and a beta of 1.37. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. The firm’s 50-day simple moving average is $12.60 and its 200 day simple moving average is $10.92.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.14. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was up 24.5% compared to the same quarter last year. As a group, analysts expect that Crescent Energy Company will post 1.99 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently declared 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 annualized dividend and a dividend yield of 4.3%. Crescent Energy’s payout ratio is -64.00%.

Institutional Trading of Crescent Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. CM Management LLC purchased a new position in Crescent Energy in the 3rd quarter worth approximately $1,561,000. Public Sector Pension Investment Board raised its holdings in Crescent Energy by 15.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 724,991 shares of the company’s stock valued at $6,467,000 after buying an additional 98,428 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Crescent Energy by 53.2% during the 3rd quarter. Victory Capital Management Inc. now owns 1,119,187 shares of the company’s stock valued at $9,983,000 after buying an additional 388,604 shares during the last quarter. Wolverine Asset Management LLC bought a new stake in Crescent Energy during the 4th quarter valued at $860,000. Finally, Quantbot Technologies LP raised its holdings in Crescent Energy by 37.5% during the 3rd quarter. Quantbot Technologies LP now owns 452,963 shares of the company’s stock valued at $4,040,000 after buying an additional 123,653 shares during the last quarter. Institutional investors own 52.11% of the company’s stock.

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.