Crescent Energy (NYSE:CRGY) Stock Price Up 4.4% – Here’s Why

Crescent Energy Company (NYSE:CRGY)’s share price shot up 4.4% during trading on Friday. The stock traded as high as $13.10 and last traded at $13.0550. 5,533,412 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 7,290,146 shares. The stock had previously closed at $12.51.

Wall Street Analyst Weigh In

CRGY has been the topic of a number of research analyst reports. Truist Financial started coverage on shares of Crescent Energy in a report on Thursday, September 17th. They issued a “buy” rating and a $19.00 price target on the stock. Scotiabank initiated coverage on shares of Crescent Energy in a report on Wednesday. They set a “sector outperform” rating and a $18.00 price objective for the company. Morgan Stanley cut shares of Crescent Energy to an “underweight” rating in a research report on Monday, August 3rd. Weiss Ratings raised shares of Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, August 17th. Finally, Stephens upped their target price on shares of Crescent Energy from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $17.14.

Crescent Energy Trading Up 5.3%

The stock has a 50-day simple moving average of $13.39 and a 200 day simple moving average of $12.30. The company has a market cap of $5.57 billion, a price-to-earnings ratio of -263.65 and a beta of 1.60. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.26 billion. The business’s revenue was up 55.3% compared to the same quarter last year. As a group, equities research analysts predict that Crescent Energy Company will post 2.42 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were given a dividend of $0.12 per share. The ex-dividend date was Monday, August 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.6%. Crescent Energy’s dividend payout ratio (DPR) is -960.00%.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in Crescent Energy during the 3rd quarter valued at about $400,000. Assenagon Asset Management S.A. lifted its stake in Crescent Energy by 64.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 3,251,891 shares of the company’s stock worth $41,917,000 after purchasing an additional 1,274,787 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Crescent Energy by 47.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,642 shares of the company’s stock worth $34,000 after purchasing an additional 853 shares in the last quarter. Engineers Gate Manager LP purchased a new position in Crescent Energy in the 2nd quarter worth approximately $1,183,000. Finally, NewEdge Advisors LLC boosted its holdings in shares of Crescent Energy by 1.1% during the 2nd quarter. NewEdge Advisors LLC now owns 145,918 shares of the company’s stock worth $1,433,000 after purchasing an additional 1,650 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Company Profile

Crescent Energy Company is an independent, U.S.-based energy company engaged in the acquisition, development, and operation of oil and natural gas properties. Its production portfolio includes crude oil, natural gas, and natural gas liquids, with an emphasis on established assets that offer ongoing development opportunities.

The company’s operations are concentrated in several major U.S. onshore producing regions, including the Eagle Ford, the Uinta Basin, and other assets across the Rocky Mountain and central United States.