Crescent Energy (NYSE:CRGY) Shares Up 3.4%

Crescent Energy (NYSE:CRGY) rose 3.4% on Thursday . The stock traded as high as $12.82 and last traded at $12.82. Approximately 1,470,172 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 2,151,376 shares. The stock had previously closed at $12.40.

Analysts Set New Price Targets

CRGY has been the subject of several research analyst reports. Truist Financial reduced their price objective on Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Monday. Wells Fargo & Company reduced their price objective on Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday. Wolfe Research assumed coverage on Crescent Energy in a research report on Thursday, July 18th. They set an “outperform” rating and a $16.00 price target for the company. Evercore ISI reiterated an “outperform” rating and set a $17.00 price target on shares of Crescent Energy in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. assumed coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target on the stock. Two 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $16.20.

Crescent Energy Trading Up 1.6 %

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 firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -62.75 and a beta of 2.26. The company has a 50-day moving average price of $11.20 and a 200-day moving average price of $11.60.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.05. The firm had revenue of $653.28 million during the quarter, compared to analysts’ expectations of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. As a group, research analysts forecast 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. Stockholders of record on Monday, August 19th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.81%. The ex-dividend date was Monday, August 19th. Crescent Energy’s dividend payout ratio (DPR) is presently -240.00%.

Insider Buying and Selling

In related news, Director Michael Duginski acquired 9,344 shares of Crescent Energy stock in a transaction dated Thursday, August 8th. The shares were acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the transaction, the director now directly owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have acquired 12,294 shares of company stock valued at $131,297 over the last quarter. Company insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Crescent Energy

Large investors have recently modified their holdings of the company. CWM LLC raised its holdings in shares of Crescent Energy by 618.9% in the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after purchasing an additional 1,832 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Crescent Energy in the second quarter valued at about $32,000. Spirit of America Management Corp NY acquired a new stake in shares of Crescent Energy in the second quarter valued at about $36,000. GAMMA Investing LLC grew its stake in shares of Crescent Energy by 186.5% in the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after buying an additional 2,934 shares in the last quarter. Finally, Equitec Proprietary Markets LLC acquired a new stake in shares of Crescent Energy in the second quarter valued at about $107,000. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Energy

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.