Crescent Energy (NYSE:CRGY) Shares Down 6.3% – Here’s What Happened

by · The Markets Daily

Shares of Crescent Energy Company (NYSE:CRGY – Get Free Report) dropped 6.3% during mid-day trading on Tuesday . The company traded as low as $8.29 and last traded at $8.3550. Approximately 2,273,423 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 4,130,708 shares. The stock had previously closed at $8.92.

Analyst Ratings Changes

Several research analysts have recently issued reports on CRGY shares. Weiss Ratings restated a “sell (d)” rating on shares of Crescent Energy in a research note on Wednesday, October 8th. Raymond James Financial set a $17.00 price target on shares of Crescent Energy and gave the company a “strong-buy” rating in a report on Wednesday, August 27th. Wells Fargo & Company reduced their price objective on Crescent Energy from $20.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Piper Sandler dropped their target price on Crescent Energy from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Finally, Mizuho boosted their price target on Crescent Energy from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Crescent Energy presently has an average rating of “Moderate Buy” and an average target price of $15.00.

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Crescent Energy Trading Down 5.3%

The company has a fifty day moving average of $8.88 and a 200-day moving average of $9.02. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of -56.19 and a beta of 1.77.

Crescent Energy (NYSE:CRGY – Get Free Report) last released its earnings results on Monday, November 3rd. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. Crescent Energy had a return on equity of 11.77% and a net margin of 0.66%.The business had revenue of $866.58 million for the quarter, compared to the consensus estimate of $887.54 million. As a group, equities research analysts anticipate that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date was Monday, November 17th. Crescent Energy’s dividend payout ratio is -320.00%.

Institutional Trading of Crescent Energy

Several large investors have recently bought and sold shares of CRGY. Jump Financial LLC purchased a new stake in Crescent Energy in the first quarter valued at approximately $3,355,000. Voya Investment Management LLC lifted its stake in Crescent Energy by 34.7% during the 1st quarter. Voya Investment Management LLC now owns 155,759 shares of the company’s stock worth $1,751,000 after acquiring an additional 40,159 shares in the last quarter. Peregrine Capital Management LLC grew its position in Crescent Energy by 10.4% in the 2nd quarter. Peregrine Capital Management LLC now owns 440,947 shares of the company’s stock valued at $3,792,000 after acquiring an additional 41,423 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Crescent Energy by 11.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,215,262 shares of the company’s stock worth $24,900,000 after buying an additional 230,442 shares during the period. Finally, Bryce Point Capital LLC increased its position in shares of Crescent Energy by 715.6% during the second quarter. Bryce Point Capital LLC now owns 83,927 shares of the company’s stock worth $722,000 after acquiring an additional 73,637 shares during the period. Hedge funds and other institutional investors own 52.11% of the company’s stock.

About Crescent Energy

(Get Free Report)

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.

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