Crescent Energy (NYSE:CRGY) Sets New 12-Month High – Here’s What Happened

Crescent Energy (NYSE:CRGY) hit a new 52-week high on Monday . The company traded as high as $14.19 and last traded at $14.15, with a volume of 290430 shares changing hands. The stock had previously closed at $13.76.

Analyst Upgrades and Downgrades

CRGY has been the topic of a number of recent research reports. Wells Fargo & Company dropped their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Stephens boosted their price target on shares of Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Mizuho boosted their price objective on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Truist Financial cut their price target on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, Pickering Energy Partners assumed coverage on Crescent Energy in a research note on Monday, October 28th. They set an “outperform” rating for the company. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Crescent Energy has an average rating of “Buy” and a consensus target price of $15.80.

Crescent Energy Stock Performance

The firm has a 50-day moving average of $12.40 and a 200-day moving average of $12.01. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 23.09 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The business had revenue of $744.87 million for the quarter, compared to analyst estimates of $793.88 million. During the same period in the prior year, the company earned $0.35 earnings per share. As a group, sell-side analysts predict that Crescent Energy will post 0.97 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.35%. Crescent Energy’s payout ratio is currently 77.42%.

Hedge Funds Weigh In On Crescent Energy

Several institutional investors have recently made changes to their positions in CRGY. Jackson Creek Investment Advisors LLC grew its position in Crescent Energy by 1.0% during the second quarter. Jackson Creek Investment Advisors LLC now owns 90,933 shares of the company’s stock valued at $1,078,000 after buying an additional 883 shares during the period. ProShare Advisors LLC lifted its position in shares of Crescent Energy by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock valued at $165,000 after buying an additional 1,085 shares in the last quarter. Quadrature Capital Ltd grew its stake in Crescent Energy by 5.1% in the 1st quarter. Quadrature Capital Ltd now owns 30,744 shares of the company’s stock valued at $366,000 after acquiring an additional 1,503 shares during the period. CWM LLC increased its holdings in Crescent Energy by 618.9% in the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after acquiring an additional 1,832 shares in the last quarter. Finally, Amalgamated Bank raised its position in Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock worth $54,000 after acquiring an additional 2,272 shares during the period. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Company Profile

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.