Crescent Energy (NYSE:CRGY) Announces Earnings Results, Beats Expectations By $0.14 EPS
by Jessica Moore · The Cerbat GemCrescent Energy (NYSE:CRGY – Get Free Report) posted its quarterly earnings data on Monday. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.14, FiscalAI reports. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%.
Crescent Energy Stock Performance
NYSE:CRGY traded up $0.25 during mid-day trading on Monday, hitting $13.71. 7,206,243 shares of the company traded hands, compared to its average volume of 7,677,970. The stock’s fifty day moving average price is $12.37 and its 200-day moving average price is $10.14. Crescent Energy has a one year low of $7.68 and a one year high of $14.02. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.07. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of 26.36 and a beta of 1.44.
Crescent Energy Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 11th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Wednesday, March 11th. Crescent Energy’s payout ratio is currently 92.31%.
Institutional Trading of Crescent Energy
Hedge funds have recently bought and sold shares of the stock. Quarry LP grew its holdings in Crescent Energy by 303.5% during the third quarter. Quarry LP now owns 4,152 shares of the company’s stock valued at $37,000 after purchasing an additional 3,123 shares during the period. Osaic Holdings Inc. grew its holdings in Crescent Energy by 25.2% during the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock valued at $46,000 after purchasing an additional 1,066 shares during the period. State of Wyoming bought a new stake in Crescent Energy during the fourth quarter valued at about $66,000. Vise Technologies Inc. bought a new position in shares of Crescent Energy in the fourth quarter worth about $85,000. Finally, Vinva Investment Management Ltd bought a new position in shares of Crescent Energy in the fourth quarter worth about $90,000. Institutional investors own 52.11% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on CRGY. Wells Fargo & Company upped their price objective on Crescent Energy from $14.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. Piper Sandler upped their price objective on Crescent Energy from $14.00 to $16.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Jefferies Financial Group reiterated a “hold” rating and set a $9.00 price objective on shares of Crescent Energy in a research report on Sunday, January 25th. William Blair reiterated an “outperform” rating on shares of Crescent Energy in a research report on Friday, March 6th. Finally, Johnson Rice reiterated an “accumulate” rating and set a $19.00 price objective on shares of Crescent Energy in a research report on Wednesday, March 25th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.50.
Read Our Latest Stock Analysis on Crescent Energy
About Crescent Energy
Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.
Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.