Crescent Energy (NYSE:CRGY) Issues Earnings Results, Beats Expectations By $0.11 EPS

Crescent Energy (NYSE:CRGY) announced its quarterly earnings results on Monday. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.11, Zacks reports. The firm had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. Crescent Energy had a return on equity of 14.01% and a net margin of 2.17%. During the same period in the prior year, the firm earned $0.35 EPS.

Crescent Energy Stock Up 1.3 %

CRGY stock traded up $0.17 during midday trading on Thursday, hitting $13.53. The company’s stock had a trading volume of 442,314 shares, compared to its average volume of 2,351,573. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $13.85. The stock has a market capitalization of $2.40 billion, a P/E ratio of 21.54 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. The company’s fifty day moving average price is $11.92 and its 200 day moving average price is $11.81.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $0.12 dividend. The ex-dividend date is Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 3.55%. Crescent Energy’s payout ratio is 77.42%.

Analysts Set New Price Targets

A number of research firms have recently commented on CRGY. Stephens boosted their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Evercore ISI reissued an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Tuesday, September 24th. Pickering Energy Partners assumed coverage on Crescent Energy in a report on Monday, October 28th. They set an “outperform” rating on the stock. Wolfe Research began coverage on Crescent Energy in a research note on Thursday, July 18th. They set an “outperform” rating and a $16.00 target price for the company. Finally, Truist Financial dropped their price target on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Crescent Energy has an average rating of “Buy” and a consensus price target of $15.80.

About Crescent Energy

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.