Crescent Energy (NYSE:CRGY) Sees Large Volume Increase – Still a Buy?

Crescent Energy Company (NYSE:CRGY) shares saw an uptick in trading volume on Wednesday . 12,477,016 shares traded hands during mid-day trading, an increase of 89% from the previous session’s volume of 6,618,380 shares.The stock last traded at $11.04 and had previously closed at $11.24.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRGY. BMO Capital Markets started coverage on shares of Crescent Energy in a research report on Friday, January 9th. They set a “market perform” rating and a $10.00 price target for the company. Evercore began coverage on Crescent Energy in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $13.00 target price for the company. Zacks Research upgraded Crescent Energy from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Mizuho upped their price target on Crescent Energy from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Finally, Piper Sandler lifted their price objective on shares of Crescent Energy from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Crescent Energy currently has an average rating of “Moderate Buy” and an average target price of $12.67.

Crescent Energy Price Performance

The business has a fifty day moving average of $9.47 and a 200 day moving average of $9.10. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.48 and a quick ratio of 1.48. The stock has a market cap of $2.99 billion, a PE ratio of 22.56 and a beta of 1.57.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Wednesday, February 25th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.19. The company had revenue of $865.05 million for the quarter, compared to analyst estimates of $884.64 million. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%. Sell-side analysts anticipate that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 11th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Wednesday, March 11th. Crescent Energy’s dividend payout ratio is 92.31%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Crescent Energy during the third quarter valued at approximately $1,034,000. Y Intercept Hong Kong Ltd raised its stake in Crescent Energy by 208.0% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 60,849 shares of the company’s stock valued at $523,000 after acquiring an additional 41,091 shares in the last quarter. Capital Fund Management S.A. boosted its position in Crescent Energy by 346.3% during the 2nd quarter. Capital Fund Management S.A. now owns 439,593 shares of the company’s stock worth $3,780,000 after acquiring an additional 341,101 shares during the period. Kore Advisors LP grew its stake in shares of Crescent Energy by 17.0% in the second quarter. Kore Advisors LP now owns 1,479,256 shares of the company’s stock worth $12,722,000 after purchasing an additional 214,939 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its stake in shares of Crescent Energy by 15.7% in the third quarter. Public Sector Pension Investment Board now owns 724,991 shares of the company’s stock worth $6,467,000 after purchasing an additional 98,428 shares in the last quarter. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Company Profile

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.