Crescent Energy (NYSE:CRGY) Shares Gap Up – Should You Buy?

Shares of Crescent Energy (NYSE:CRGY) gapped up before the market opened on Wednesday . The stock had previously closed at $11.17, but opened at $12.14. Crescent Energy shares last traded at $12.19, with a volume of 1,179,761 shares traded.

Analyst Ratings Changes

Several research firms have recently issued reports on CRGY. KeyCorp began coverage on shares of Crescent Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $16.00 target price on the stock. Stephens reissued an “overweight” rating and set a $20.00 target price on shares of Crescent Energy in a research note on Tuesday, August 6th. Mizuho lowered their target price on shares of Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Wells Fargo & Company decreased their price target on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, September 24th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $16.20.

Crescent Energy Stock Performance

The company has a market cap of $2.22 billion, a price-to-earnings ratio of -62.45 and a beta of 2.19. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13. The stock’s fifty day simple moving average is $11.20 and its 200 day simple moving average is $11.60.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The company had revenue of $653.28 million during the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. As a group, analysts anticipate that Crescent Energy will post 1.5 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were issued a $0.12 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 3.84%. Crescent Energy’s payout ratio is -240.00%.

Insider Buying and Selling at Crescent Energy

In other Crescent Energy news, Director Michael Duginski acquired 9,344 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was bought at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the acquisition, the director now owns 201,081 shares in the company, valued at $2,135,480.22. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders acquired 12,294 shares of company stock worth $131,297. Insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. American Century Companies Inc. increased its holdings in Crescent Energy by 444.8% in the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after purchasing an additional 6,348,598 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Crescent Energy by 22,968.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock valued at $48,328,000 after purchasing an additional 3,642,584 shares during the last quarter. Marshall Wace LLP increased its holdings in Crescent Energy by 286.7% in the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after purchasing an additional 2,098,303 shares during the last quarter. Zimmer Partners LP acquired a new stake in Crescent Energy in the 1st quarter valued at approximately $17,731,000. Finally, Dimensional Fund Advisors LP increased its holdings in Crescent Energy by 85.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company’s stock valued at $31,477,000 after purchasing an additional 1,226,027 shares during the last quarter. 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.