Crescent Energy (NYSE:CRGY) Stock Price Down 4.6% – Should You Sell?

Crescent Energy Company (NYSE:CRGY) shares were down 4.6% on Monday . The company traded as low as $13.31 and last traded at $13.2650. Approximately 1,798,417 shares were traded during trading, a decline of 74% from the average session volume of 7,010,725 shares. The stock had previously closed at $13.90.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Seaport Research Partners assumed coverage on shares of Crescent Energy in a research note on Thursday, September 3rd. They issued a “sell” rating and a $12.00 price objective for the company. KeyCorp reaffirmed an “overweight” rating and issued a $19.00 price target on shares of Crescent Energy in a research report on Thursday, June 11th. Mizuho raised their price objective on Crescent Energy from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Stephens increased their price target on shares of Crescent Energy from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen upgraded Crescent Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.08.

Crescent Energy Price Performance

The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of -259.93 and a beta of 1.45. The stock’s 50-day moving average price is $12.67 and its 200 day moving average price is $12.21. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.26 billion. The firm’s revenue for the quarter was up 55.3% compared to the same quarter last year. Equities research analysts expect that Crescent Energy Company will post 2.17 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, August 17th. Crescent Energy’s dividend payout ratio is -960.00%.

Hedge Funds Weigh In On Crescent Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP grew its holdings in Crescent Energy by 29.0% during the 1st quarter. First Trust Advisors LP now owns 1,542,176 shares of the company’s stock worth $20,819,000 after acquiring an additional 346,242 shares in the last quarter. Kohlberg Kravis Roberts & Co. L.P. grew its position in shares of Crescent Energy by 7.1% in the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock valued at $386,847,000 after buying an additional 1,897,230 shares during the last quarter. Bank of America Corp DE grew its stake in Crescent Energy by 308.2% during the 1st quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock worth $41,267,000 after buying an additional 2,307,971 shares during the last quarter. Jennison Associates LLC increased its position in Crescent Energy by 74.1% during the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock worth $57,435,000 after buying an additional 1,810,225 shares during the period. Finally, McAlvany Wealth Management LLC increased its stake in Crescent Energy by 71.6% in the first quarter. McAlvany Wealth Management LLC now owns 231,105 shares of the company’s stock valued at $3,129,000 after purchasing an additional 96,406 shares during the period. Hedge funds and other institutional investors own 52.11% of the company’s stock.

About Crescent Energy

Crescent Energy Company (NYSE: CRGY) is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.