Crescent Energy (NYSE:CRGY) Shares Up 5.8%

Crescent Energy (NYSE:CRGY)’s stock price shot up 5.8% during mid-day trading on Tuesday . The company traded as high as $11.47 and last traded at $11.40. 365,580 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 1,316,234 shares. The stock had previously closed at $10.78.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. Truist Financial lowered their target price on shares of Crescent Energy from $23.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Mizuho reissued a “neutral” rating and set a $13.00 price target (down previously from $14.00) on shares of Crescent Energy in a research note on Friday, March 22nd. TheStreet raised Crescent Energy from a “d” rating to a “c-” rating in a research report on Wednesday, February 14th. Finally, Tudor, Pickering, Holt & Co. started coverage on Crescent Energy in a research report on Wednesday, April 10th. They set a “buy” rating and a $18.00 target price on the stock. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $16.38.

Crescent Energy Price Performance

The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of 9.19 and a beta of 2.29. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.98. The company has a 50 day simple moving average of $11.23 and a 200 day simple moving average of $11.48.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, March 4th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.37. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. The firm had revenue of $657.73 million during the quarter, compared to the consensus estimate of $584.12 million. As a group, research analysts predict that Crescent Energy will post 1.28 EPS for the current year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date was Thursday, March 14th. Crescent Energy’s dividend payout ratio is presently 37.21%.

Insider Activity at Crescent Energy

In other news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $9.87, for a total value of $136,206,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Crescent Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of Crescent Energy by 186.5% during the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock worth $54,000 after acquiring an additional 2,934 shares during the last quarter. Amalgamated Bank grew its stake in Crescent Energy by 58.5% during the 4th quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock valued at $98,000 after purchasing an additional 2,748 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new stake in Crescent Energy during the 4th quarter worth approximately $136,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Crescent Energy in the 4th quarter valued at approximately $139,000. Finally, SG Americas Securities LLC purchased a new position in shares of Crescent Energy during the 3rd quarter valued at approximately $140,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Company Profile

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven regions, including Eagle Ford and Uinta basins. The company is based in Houston, Texas.