Crescent Energy (NYSE:CRGY) Shares Down 6.6% – Here’s What Happened

Crescent Energy Company (NYSE:CRGY)’s stock price dropped 6.6% during trading on Monday . The stock traded as low as $10.50 and last traded at $10.5250. 4,949,730 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 7,261,333 shares. The stock had previously closed at $11.27.

Analyst Upgrades and Downgrades

CRGY has been the subject of a number of recent analyst reports. KeyCorp restated an “overweight” rating and issued a $19.00 price objective on shares of Crescent Energy in a research note on Thursday, June 11th. Mizuho lifted their target price on Crescent Energy from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 27th. Raymond James Financial dropped their target price on shares of Crescent Energy from $20.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Thursday, June 18th. UBS Group started coverage on shares of Crescent Energy in a research report on Tuesday, July 14th. They set a “buy” rating and a $13.00 target price for the company. Finally, Zacks Research downgraded Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.58.

Crescent Energy Stock Up 3.3%

The company has a market capitalization of $3.56 billion, a PE ratio of -14.31 and a beta of 1.40. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.57 and a current ratio of 0.57. The stock’s 50 day moving average is $10.93 and its 200 day moving average is $11.24.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.14. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. On average, sell-side analysts anticipate that Crescent Energy Company will post 1.78 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.48 annualized dividend and a yield of 4.5%. Crescent Energy’s payout ratio is currently -64.00%.

Institutional Investors Weigh In On Crescent Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Kohlberg Kravis Roberts & Co. L.P. grew its position in Crescent Energy by 7.1% during the first quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock worth $386,847,000 after buying an additional 1,897,230 shares in the last quarter. Vanguard Group Inc. raised its stake in Crescent Energy by 34.6% in the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock valued at $228,981,000 after purchasing an additional 7,015,982 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Crescent Energy by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 13,171,033 shares of the company’s stock valued at $177,810,000 after purchasing an additional 298,818 shares in the last quarter. State Street Corp lifted its holdings in shares of Crescent Energy by 27.6% during the 4th quarter. State Street Corp now owns 12,808,605 shares of the company’s stock worth $107,464,000 after acquiring an additional 2,767,096 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Crescent Energy by 29.0% during the 4th quarter. Geode Capital Management LLC now owns 5,592,793 shares of the company’s stock worth $46,935,000 after acquiring an additional 1,256,114 shares during the last quarter. Hedge funds and other 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.