Crescent Energy (NYSE:CRGY) Shares Gap Down – Here’s What Happened

Shares of Crescent Energy (NYSE:CRGY) gapped down before the market opened on Wednesday . The stock had previously closed at $15.14, but opened at $14.70. Crescent Energy shares last traded at $14.65, with a volume of 5,598,160 shares traded.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Evercore ISI reiterated an “outperform” rating and set a $17.00 price objective on shares of Crescent Energy in a research report on Tuesday, September 24th. Truist Financial raised their price target on Crescent Energy from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company decreased their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Pickering Energy Partners began coverage on Crescent Energy in a research note on Monday, October 28th. They issued an “outperform” rating on the stock. Finally, Mizuho raised their price objective on Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Crescent Energy has a consensus rating of “Buy” and an average price target of $16.60.

Crescent Energy Stock Performance

The stock has a 50 day moving average of $13.24 and a 200 day moving average of $12.23. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 23.26 and a beta of 2.17.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. The business 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 12.53% and a net margin of 2.17%. During the same period in the previous year, the company posted $0.35 earnings per share. As a group, analysts predict that Crescent Energy will post 0.97 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were issued a $0.12 dividend. The ex-dividend date was Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 3.33%. Crescent Energy’s payout ratio is currently 77.42%.

Institutional Investors Weigh In On Crescent Energy

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC increased its holdings in Crescent Energy by 618.9% in the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after purchasing an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Crescent Energy during the second quarter valued at approximately $32,000. Spirit of America Management Corp NY purchased a new position in shares of Crescent Energy during the second quarter valued at approximately $36,000. Farther Finance Advisors LLC boosted its position in shares of Crescent Energy by 15,675.0% during the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock valued at $35,000 after buying an additional 3,135 shares during the last quarter. Finally, Amalgamated Bank boosted its position in shares of Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after buying an additional 2,272 shares during the last quarter. 52.11% of the stock is currently owned by institutional investors.

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.