KeyCorp Has Bullish Estimate for Crescent Energy Q3 Earnings

Crescent Energy (NYSE:CRGY) – Analysts at KeyCorp increased their Q3 2024 earnings per share estimates for Crescent Energy in a research report issued to clients and investors on Thursday, October 17th. KeyCorp analyst T. Rezvan now expects that the company will post earnings per share of $0.65 for the quarter, up from their previous estimate of $0.37. KeyCorp currently has a “Strong-Buy” rating on the stock. The consensus estimate for Crescent Energy’s current full-year earnings is $1.28 per share. KeyCorp also issued estimates for Crescent Energy’s FY2024 earnings at $2.09 EPS, FY2025 earnings at $3.34 EPS, Q1 2026 earnings at $0.86 EPS, Q2 2026 earnings at $0.73 EPS, Q3 2026 earnings at $0.76 EPS and FY2026 earnings at $3.29 EPS.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.05. The business 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%.

A number of other brokerages also recently commented on CRGY. Truist Financial reduced their price objective on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, September 30th. JPMorgan Chase & Co. started coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective for the company. Mizuho lowered their target price on shares of Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Stephens reiterated an “overweight” rating and issued a $20.00 price target on shares of Crescent Energy in a report on Tuesday, August 6th. Finally, 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 report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $16.20.

Crescent Energy Price Performance

Shares of NYSE:CRGY opened at $12.42 on Monday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13. The company has a market cap of $2.20 billion, a P/E ratio of -62.10 and a beta of 2.19. Crescent Energy has a 52 week low of $9.88 and a 52 week high of $13.85. The company has a 50-day moving average price of $11.60 and a 200 day moving average price of $11.72.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were paid a $0.12 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.86%. Crescent Energy’s dividend payout ratio (DPR) is presently -240.00%.

Insider Activity

In related news, Director Michael Duginski bought 9,344 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were acquired at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the purchase, the director now owns 201,081 shares in the company, valued at $2,135,480.22. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have purchased 12,294 shares of company stock worth $131,297. 13.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC raised its stake in Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after acquiring an additional 1,832 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Crescent Energy in the second quarter valued at approximately $32,000. Spirit of America Management Corp NY acquired a new stake in shares of Crescent Energy in the second quarter valued at approximately $36,000. GAMMA Investing LLC increased its stake in shares of Crescent Energy by 186.5% in the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after purchasing an additional 2,934 shares during the period. Finally, Equitec Proprietary Markets LLC acquired a new stake in shares of Crescent Energy in the second quarter valued at approximately $107,000. 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.