Crescent Energy (NYSE:CRGY) Stock Price Up 4.4% – Here’s Why

Crescent Energy Company (NYSE:CRGY)’s stock price rose 4.4% during trading on Friday. The company traded as high as $13.10 and last traded at $13.0550. Approximately 5,533,412 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 7,290,146 shares. The stock had previously closed at $12.51.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. UBS Group decreased their target price on shares of Crescent Energy from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Monday. Weiss Ratings upgraded Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research note on Monday, August 17th. Morgan Stanley downgraded Crescent Energy to an “underweight” rating in a research note on Monday, August 3rd. Evercore reaffirmed an “outperform” rating on shares of Crescent Energy in a report on Wednesday. Finally, Truist Financial began coverage on Crescent Energy in a research report on Thursday, September 17th. They set a “buy” rating and a $19.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.14.

Crescent Energy Stock Up 5.3%

The company’s 50 day moving average price is $13.39 and its two-hundred day moving average price is $12.30. The firm has a market cap of $5.57 billion, a PE ratio of -263.65 and a beta of 1.60. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.26 billion. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The firm’s quarterly revenue was up 55.3% compared to the same quarter last year. On average, equities research analysts expect that Crescent Energy Company will post 2.42 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.48 dividend on an annualized basis and a yield of 3.6%. Crescent Energy’s dividend payout ratio is presently -960.00%.

Institutional Investors Weigh In On Crescent Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kohlberg Kravis Roberts & Co. L.P. grew its holdings in Crescent Energy by 7.1% during the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock valued at $386,847,000 after purchasing an additional 1,897,230 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 worth $177,810,000 after purchasing an additional 298,818 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Crescent Energy by 74.1% during the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock valued at $57,435,000 after buying an additional 1,810,225 shares during the period. Cetera Investment Advisers boosted its position in shares of Crescent Energy by 5.1% during the first quarter. Cetera Investment Advisers now owns 3,341,779 shares of the company’s stock valued at $45,114,000 after buying an additional 163,268 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of Crescent Energy by 64.5% during the third quarter. Assenagon Asset Management S.A. now owns 3,251,891 shares of the company’s stock valued at $41,917,000 after buying an additional 1,274,787 shares during the period. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Energy

Crescent Energy Company is an independent, U.S.-based energy company engaged in the acquisition, development, and operation of oil and natural gas properties. Its production portfolio includes crude oil, natural gas, and natural gas liquids, with an emphasis on established assets that offer ongoing development opportunities.

The company’s operations are concentrated in several major U.S. onshore producing regions, including the Eagle Ford, the Uinta Basin, and other assets across the Rocky Mountain and central United States.