Crescent Energy (NYSE:CRGY) Shares Gap Up to $11.17

Crescent Energy (NYSE:CRGY) shares gapped up prior to trading on Wednesday . The stock had previously closed at $11.17, but opened at $12.14. Crescent Energy shares last traded at $12.19, with a volume of 1,179,761 shares changing hands.

Analysts Set New Price Targets

CRGY has been the topic of a number of research analyst reports. Stephens reissued an “overweight” rating and set a $20.00 price target on shares of Crescent Energy in a report on Tuesday, August 6th. Wells Fargo & Company dropped their price target on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. initiated coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective on the stock. Mizuho dropped their price objective on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Evercore ISI reissued an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Tuesday, September 24th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $16.20.

Crescent Energy Trading Up 9.8 %

The company’s 50 day simple moving average is $11.19 and its two-hundred day simple moving average is $11.60. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -60.95 and a beta of 2.26.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The firm had revenue of $653.28 million for the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. Research analysts expect that Crescent Energy will post 1.5 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were given a $0.12 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.91%. Crescent Energy’s dividend payout ratio is currently -240.00%.

Insider Activity

In other news, Director Michael Duginski bought 9,344 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the acquisition, the director now directly owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have purchased 12,294 shares of company stock valued at $131,297. Insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Crescent Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its position in Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after purchasing an additional 6,348,598 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Crescent Energy by 22,968.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock valued at $48,328,000 after buying an additional 3,642,584 shares during the period. Marshall Wace LLP raised its position in shares of Crescent Energy by 286.7% in the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after acquiring an additional 2,098,303 shares during the period. Zimmer Partners LP bought a new position in Crescent Energy during the 1st quarter worth approximately $17,731,000. Finally, Dimensional Fund Advisors LP increased its stake in Crescent Energy by 85.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company’s stock valued at $31,477,000 after purchasing an additional 1,226,027 shares in the last quarter. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Company Profile

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.