Crescent Energy (NYSE:CRGY) Shares Gap Down – Here’s Why

Crescent Energy Company (NYSE:CRGY)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $11.58, but opened at $10.93. Crescent Energy shares last traded at $11.0740, with a volume of 610,941 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently commented on CRGY. Piper Sandler increased their price objective on shares of Crescent Energy from $14.00 to $16.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Johnson Rice reissued an “accumulate” rating and issued a $19.00 price objective on shares of Crescent Energy in a research note on Wednesday, March 25th. Stephens reaffirmed an “overweight” rating and set a $18.00 price target on shares of Crescent Energy in a research note on Tuesday, May 5th. William Blair reaffirmed an “outperform” rating on shares of Crescent Energy in a research note on Friday, March 6th. Finally, Wall Street Zen raised shares of Crescent Energy from a “hold” rating to a “buy” rating in a research note on Sunday, May 10th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Crescent Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.00.

Crescent Energy Price Performance

The business’s 50 day moving average is $12.60 and its two-hundred day moving average is $10.92. The firm has a market cap of $3.66 billion, a P/E ratio of -14.82 and a beta of 1.37. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, May 4th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.14. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $0.57 earnings per share. Crescent Energy’s quarterly revenue was up 24.5% on a year-over-year basis. As a group, analysts anticipate that Crescent Energy Company will post 1.99 earnings per share for the current year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Monday, May 18th. Crescent Energy’s dividend payout ratio (DPR) is currently -64.00%.

Institutional Investors Weigh In On Crescent Energy

A number of large investors have recently bought and sold shares of CRGY. Caitlin John LLC acquired a new stake in Crescent Energy in the third quarter worth $27,000. Strs Ohio acquired a new stake in Crescent Energy in the first quarter worth $32,000. Fifth Third Bancorp grew its holdings in Crescent Energy by 109.3% in the fourth quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock worth $33,000 after purchasing an additional 2,039 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in Crescent Energy by 134.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock worth $33,000 after purchasing an additional 2,286 shares during the period. Finally, Quarry LP grew its holdings in Crescent Energy by 303.5% in the third quarter. Quarry LP now owns 4,152 shares of the company’s stock worth $37,000 after purchasing an additional 3,123 shares during the period. 52.11% of the stock is currently 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.