Crescent Energy (NYSE:CRGY) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Crescent Energy (NYSE:CRGY) released its quarterly earnings results on Monday. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.11, Zacks reports. The firm had revenue of $744.87 million for the quarter, compared to analysts’ expectations of $793.88 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. During the same period in the prior year, the firm earned $0.35 EPS.

Crescent Energy Price Performance

Shares of Crescent Energy stock traded up $0.56 during trading on Wednesday, reaching $13.51. 1,146,757 shares of the stock traded hands, compared to its average volume of 2,350,464. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of 669.50 and a beta of 2.19. The business has a fifty day simple moving average of $11.89 and a two-hundred day simple moving average of $11.79. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $13.85.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $0.12 dividend. The ex-dividend date is Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 3.55%. Crescent Energy’s payout ratio is presently 2,400.00%.

Analyst Ratings Changes

CRGY has been the topic of several research analyst reports. Wells Fargo & Company lowered their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. Evercore ISI reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Crescent Energy in a report on Tuesday, September 24th. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 target price on the stock. Wolfe Research assumed coverage on Crescent Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 target price on the stock. Finally, Pickering Energy Partners assumed coverage on Crescent Energy in a report on Monday, October 28th. They issued an “outperform” rating on the stock. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $15.80.

Insider Activity

In other news, Director Michael Duginski acquired 9,344 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was purchased at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the transaction, the director now directly owns 201,081 shares in the company, valued at approximately $2,135,480.22. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought a total of 12,294 shares of company stock worth $131,297 over the last 90 days. Corporate insiders own 13.20% of the company’s stock.

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.