Crescent Energy (NYSE:CRGY) Shares Down 5.6% – Here’s What Happened

Crescent Energy Company (NYSE:CRGY) traded down 5.6% during mid-day trading on Wednesday . The stock traded as low as $12.73 and last traded at $12.75. 1,079,641 shares were traded during mid-day trading, a decline of 86% from the average session volume of 7,876,805 shares. The stock had previously closed at $13.50.

Analyst Ratings Changes

CRGY has been the topic of a number of analyst reports. William Blair reaffirmed an “outperform” rating on shares of Crescent Energy in a research note on Friday, March 6th. Johnson Rice restated an “accumulate” rating and set a $19.00 price objective on shares of Crescent Energy in a report on Wednesday, March 25th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $9.00 price objective on shares of Crescent Energy in a research report on Sunday, January 25th. Weiss Ratings upgraded Crescent Energy from a “sell (d+)” rating to a “hold (c)” rating in a research note on Friday, February 27th. Finally, Mizuho lifted their target price on Crescent Energy from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $14.30.

Crescent Energy Price Performance

The firm has a market capitalization of $4.15 billion, a P/E ratio of 24.32 and a beta of 1.57. The stock’s 50 day simple moving average is $11.01 and its 200 day simple moving average is $9.53. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.48 and a current ratio of 1.48.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.19. The firm had revenue of $865.05 million during the quarter, compared to the consensus estimate of $884.64 million. Crescent Energy had a net margin of 3.71% and a return on equity of 8.36%. As a group, analysts expect that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 11th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, March 11th. This represents a $0.48 dividend on an annualized basis and a yield of 3.8%. Crescent Energy’s payout ratio is 92.31%.

Hedge Funds Weigh In On Crescent Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. CM Management LLC purchased a new stake in shares of Crescent Energy during the 3rd quarter valued at $1,561,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Crescent Energy during the 3rd quarter worth $1,034,000. Public Sector Pension Investment Board increased its position in Crescent Energy by 15.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 724,991 shares of the company’s stock valued at $6,467,000 after buying an additional 98,428 shares in the last quarter. Capital Fund Management S.A. raised its stake in Crescent Energy by 346.3% in the second quarter. Capital Fund Management S.A. now owns 439,593 shares of the company’s stock valued at $3,780,000 after buying an additional 341,101 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Crescent Energy by 53.2% in the third quarter. Victory Capital Management Inc. now owns 1,119,187 shares of the company’s stock valued at $9,983,000 after buying an additional 388,604 shares during the last quarter. Institutional investors own 52.11% of the company’s stock.

About Crescent Energy

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.