Crescent Energy (NYSE:CRGY) Shares Gap Down - Here's Why

Crescent Energy (NYSE:CRGY - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $11.29, but opened at $11.00. Crescent Energy shares last traded at $10.65, with a volume of 173,491 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Stephens reiterated an "overweight" rating and set a $17.00 price target on shares of Crescent Energy in a report on Monday. Truist Financial boosted their target price on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Raymond James raised their price target on Crescent Energy from $22.00 to $23.00 and gave the company a "strong-buy" rating in a research report on Thursday, January 23rd. Mizuho raised their target price on Crescent Energy from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Tuesday, January 14th. Finally, Siebert Williams Shank assumed coverage on Crescent Energy in a report on Monday, February 3rd. They set a "buy" rating for the company. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $17.60.

Crescent Energy Trading Down 4.7 %

The company's fifty day simple moving average is $14.97 and its two-hundred day simple moving average is $13.52. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 17.38 and a beta of 2.16. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend is Wednesday, March 12th. Crescent Energy's payout ratio is presently -69.57%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. GF Fund Management CO. LTD. acquired a new position in Crescent Energy during the fourth quarter worth $754,000. Public Employees Retirement System of Ohio grew its holdings in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock worth $40,000 after purchasing an additional 705 shares during the period. Neo Ivy Capital Management boosted its stake in shares of Crescent Energy by 547.9% during the 4th quarter. Neo Ivy Capital Management now owns 254,706 shares of the company's stock worth $3,721,000 after acquiring an additional 215,396 shares during the period. GTS Securities LLC bought a new position in shares of Crescent Energy during the 4th quarter worth approximately $465,000. Finally, PharVision Advisers LLC acquired a new position in shares of Crescent Energy during the 4th quarter worth approximately $267,000. 52.11% of the stock is currently owned by institutional investors.

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.

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