Crescent Energy (NYSE:CRGY) Reaches New 1-Year High - Here's What Happened

Shares of Crescent Energy (NYSE:CRGY - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $15.70 and last traded at $15.61, with a volume of 1418977 shares. The stock had previously closed at $15.37.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Raymond James upped their price target on Crescent Energy from $19.00 to $20.00 and gave the stock a "strong-buy" rating in a research note on Thursday, November 21st. Truist Financial lifted their price objective on Crescent Energy from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. Wells Fargo & Company reduced their price objective on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Monday, October 21st. Stephens upped their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Finally, Evercore ISI restated an "outperform" rating and issued a $17.00 price target on shares of Crescent Energy in a research report on Tuesday, September 24th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $16.80.

Crescent Energy Price Performance

The stock has a fifty day moving average of $14.15 and a two-hundred day moving average of $12.58. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 25.34 and a beta of 2.17.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $744.87 million during the quarter, compared to analyst estimates of $793.88 million. During the same period last year, the company posted $0.35 earnings per share. As a group, equities research analysts forecast that Crescent Energy will post 0.98 earnings per share for the current year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Monday, November 18th. Crescent Energy's dividend payout ratio is 77.42%.

Institutional Trading of Crescent Energy

A number of institutional investors have recently bought and sold shares of CRGY. State Street Corp increased its stake in Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company's stock valued at $74,285,000 after purchasing an additional 2,986,468 shares in the last quarter. Interval Partners LP bought a new stake in shares of Crescent Energy in the 2nd quarter valued at $1,835,000. Susquehanna Fundamental Investments LLC acquired a new stake in Crescent Energy during the 2nd quarter worth $3,496,000. Empowered Funds LLC lifted its holdings in Crescent Energy by 11.4% during the third quarter. Empowered Funds LLC now owns 925,301 shares of the company's stock worth $10,132,000 after acquiring an additional 94,948 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Crescent Energy by 53.2% in the third quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company's stock valued at $36,741,000 after acquiring an additional 1,164,306 shares during the period. 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.