Crescent Energy (NYSE:CRGY) Shares Down 3.4% on Analyst Downgrade

Crescent Energy (NYSE:CRGY) shares were down 3.4% on Monday after Wells Fargo & Company lowered their price target on the stock from $20.00 to $19.00. Wells Fargo & Company currently has an overweight rating on the stock. Crescent Energy traded as low as $9.43 and last traded at $9.45. Approximately 1,228,032 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 3,394,099 shares. The stock had previously closed at $9.78.

Several other brokerages have also recently commented on CRGY. Williams Trading set a $16.00 price objective on shares of Crescent Energy in a research note on Wednesday, March 5th. Citigroup lowered shares of Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. KeyCorp reduced their target price on shares of Crescent Energy from $18.00 to $14.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Finally, Raymond James reiterated a “strong-buy” rating and issued a $18.00 price target (down previously from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds have recently modified their holdings of the business. Brooklyn Investment Group raised its stake in shares of Crescent Energy by 1,110.3% in the first quarter. Brooklyn Investment Group now owns 2,457 shares of the company’s stock worth $28,000 after purchasing an additional 2,254 shares during the last quarter. Allworth Financial LP purchased a new position in Crescent Energy in the 1st quarter valued at approximately $34,000. Public Employees Retirement System of Ohio grew its holdings in Crescent Energy by 35.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock worth $40,000 after acquiring an additional 705 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in Crescent Energy by 206.7% in the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after buying an additional 2,377 shares during the last quarter. Finally, Quarry LP boosted its holdings in shares of Crescent Energy by 263.4% in the 4th quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $64,000 after buying an additional 3,155 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a market cap of $2.42 billion, a price-to-earnings ratio of 15.26 and a beta of 1.75. The firm has a 50-day simple moving average of $8.60 and a 200 day simple moving average of $11.89.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.09. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The firm had revenue of $950.17 million for the quarter, compared to analyst estimates of $937.55 million. On average, sell-side analysts predict that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.48 annualized dividend and a yield of 5.06%. Crescent Energy’s dividend payout ratio is currently -106.67%.

About Crescent Energy

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.