Crescent Energy (NYSE:CRGY) Hits New 12-Month High – What’s Next?

Shares of Crescent Energy Company (NYSE:CRGY) reached a new 52-week high during trading on Wednesday . The stock traded as high as $14.42 and last traded at $14.3350, with a volume of 830073 shares changing hands. The stock had previously closed at $14.07.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Raymond James Financial reissued a “strong-buy” rating and set a $19.00 price objective on shares of Crescent Energy in a research note on Monday, August 3rd. UBS Group increased their target price on Crescent Energy from $13.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Zacks Research downgraded Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Weiss Ratings raised Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, August 17th. Finally, Wells Fargo & Company cut their price target on Crescent Energy from $24.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $15.92.

Crescent Energy Stock Down 2.4%

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00. The firm has a market cap of $4.60 billion, a PE ratio of -278.54 and a beta of 1.45. The firm’s 50 day moving average is $11.50 and its 200-day moving average is $11.90.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, August 3rd. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Crescent Energy’s revenue was up 55.3% compared to the same quarter last year. As a group, equities research analysts expect that Crescent Energy Company will post 2.07 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.4%. Crescent Energy’s payout ratio is currently -960.00%.

Hedge Funds Weigh In On Crescent Energy

Several large investors have recently added to or reduced their stakes in the business. Strs Ohio acquired a new stake in Crescent Energy in the 1st quarter worth about $32,000. Fifth Third Bancorp increased its stake in shares of Crescent Energy by 109.3% during the 4th quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock valued at $33,000 after acquiring an additional 2,039 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Crescent Energy by 134.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock worth $33,000 after acquiring an additional 2,286 shares during the period. Quarry LP boosted its position in shares of Crescent Energy by 303.5% in the third quarter. Quarry LP now owns 4,152 shares of the company’s stock worth $37,000 after acquiring an additional 3,123 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in Crescent Energy by 42.3% in the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock valued at $40,000 after purchasing an additional 1,401 shares during the period. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Company Profile

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.