Crescent Energy (NYSE:CRGY) Sets New 1-Year High – Still a Buy?

Crescent Energy (NYSE:CRGY) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $14.19 and last traded at $14.15, with a volume of 290430 shares traded. The stock had previously closed at $13.76.

Analyst Ratings Changes

Several brokerages recently issued reports on CRGY. Wells Fargo & Company reduced their price objective on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Stephens raised their target price on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Pickering Energy Partners started coverage on Crescent Energy in a research note on Monday, October 28th. They issued an “outperform” rating on the stock. Mizuho raised their target price on Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. started coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 target price on the stock. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Crescent Energy has a consensus rating of “Buy” and an average target price of $15.80.

Crescent Energy Trading Up 2.5 %

The business has a fifty day moving average of $12.25 and a 200-day moving average of $11.96. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 22.19 and a beta of 2.19. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. The firm had revenue of $744.87 million for the quarter, compared to analyst estimates of $793.88 million. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. During the same period in the previous year, the company earned $0.35 earnings per share. On average, equities analysts anticipate that Crescent Energy will post 0.97 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $0.48 annualized dividend and a yield of 3.40%. Crescent Energy’s payout ratio is presently 77.42%.

Institutional Trading of Crescent Energy

Several institutional investors and hedge funds have recently bought and sold shares of CRGY. American Century Companies Inc. raised its holdings in Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after buying an additional 6,348,598 shares during the period. State Street Corp grew its stake in Crescent Energy by 78.6% during the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after acquiring an additional 2,986,468 shares in the last quarter. Marshall Wace LLP grew its stake in Crescent Energy by 286.7% during the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after acquiring an additional 2,098,303 shares in the last quarter. Wellington Management Group LLP purchased a new position in Crescent Energy during the 3rd quarter valued at about $21,872,000. Finally, Riposte Capital LLC purchased a new position in Crescent Energy during the 3rd quarter valued at about $18,232,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

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.