Crescent Energy (NYSE:CRGY) Shares Gap Down to $12.25

Crescent Energy (NYSE:CRGYGet Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $12.25, but opened at $11.79. Crescent Energy shares last traded at $11.69, with a volume of 2,617,385 shares traded.

Analysts Set New Price Targets

Several research firms recently issued reports on CRGY. Stephens reaffirmed an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a research report on Tuesday, March 5th. Raymond James reduced their price objective on Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Mizuho upped their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, May 13th. Truist Financial reduced their price target 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. Finally, TheStreet upgraded shares of Crescent Energy from a “d” rating to a “c-” rating in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Crescent Energy currently has an average rating of “Buy” and an average price target of $16.50.

Read Our Latest Research Report on Crescent Energy

Crescent Energy Stock Performance

The company’s 50-day simple moving average is $11.41 and its two-hundred day simple moving average is $11.48. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75.

Crescent Energy (NYSE:CRGYGet Free Report) last announced its earnings results on Monday, March 4th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.37. Crescent Energy had a positive return on equity of 12.90% and a negative net margin of 0.67%. The company had revenue of $657.73 million for the quarter, compared to analysts’ expectations of $584.12 million. On average, equities analysts anticipate that Crescent Energy will post 1.28 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Tuesday, May 21st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.99%. The ex-dividend date of this dividend is Monday, May 20th. Crescent Energy’s dividend payout ratio is -239.99%.

Insider Buying and Selling at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $9.87, for a total value of $136,206,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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. Vanguard Group Inc. lifted its position in shares of Crescent Energy by 94.1% in the third quarter. Vanguard Group Inc. now owns 7,641,227 shares of the company’s stock worth $96,585,000 after buying an additional 3,705,389 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Crescent Energy by 22,968.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock valued at $48,328,000 after acquiring an additional 3,642,584 shares during the last quarter. Zimmer Partners LP purchased a new position in shares of Crescent Energy in the first quarter valued at $17,731,000. Pingora Partners LLC bought a new stake in Crescent Energy in the fourth quarter worth $17,554,000. Finally, Yaupon Capital Management LP purchased a new stake in Crescent Energy during the first quarter valued at $10,710,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

About Crescent Energy

(Get Free Report)

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.

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