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

Crescent Energy (NYSE:CRGY)’s share price 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 trading hands.

Wall Street Analyst Weigh In

CRGY has been the subject of several research reports. Truist Financial dropped their target price on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a report on Monday. Wells Fargo & Company lowered their price target on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday. Evercore ISI reiterated an “outperform” rating and issued a $17.00 price objective on shares of Crescent Energy in a report on Tuesday, September 24th. KeyCorp started coverage on shares of Crescent Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $16.00 price target on the stock. Finally, JPMorgan Chase & Co. initiated coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective on the stock. Two analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $16.20.

Crescent Energy Price Performance

The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $2.18 billion, a PE ratio of -60.95 and a beta of 2.26. The company’s 50 day simple moving average is $11.19 and its 200 day simple moving average is $11.60.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The business 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%. On average, equities analysts anticipate that Crescent Energy will post 1.5 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were issued a dividend of $0.12 per share. The ex-dividend date was Monday, August 19th. This represents a $0.48 annualized dividend and a yield of 3.91%. Crescent Energy’s dividend payout ratio is presently -240.00%.

Insider Buying and Selling at Crescent Energy

In related news, Director Michael Duginski purchased 9,344 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average cost of $10.62 per share, with a total value of $99,233.28. Following the completion of the acquisition, the director now directly owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 12,294 shares of company stock valued at $131,297 in the last three months. Corporate insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

Several institutional investors and hedge funds have recently bought and sold shares of CRGY. Heritage Wealth Management Inc. acquired a new position in shares of Crescent Energy in the 2nd quarter worth approximately $1,507,000. Algert Global LLC increased its stake in Crescent Energy by 260.4% during the second quarter. Algert Global LLC now owns 320,039 shares of the company’s stock valued at $3,792,000 after purchasing an additional 231,229 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Crescent Energy during the second quarter worth $3,496,000. Mackenzie Financial Corp lifted its position in shares of Crescent Energy by 23.5% in the 2nd quarter. Mackenzie Financial Corp now owns 14,669 shares of the company’s stock worth $174,000 after buying an additional 2,796 shares during the last quarter. Finally, AQR Capital Management LLC bought a new stake in shares of Crescent Energy during the 2nd quarter valued at about $2,373,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

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.