Crescent Energy (NYSE:CRGY) Stock Price Up 2.8% - Here's Why

Crescent Energy (NYSE:CRGY - Get Free Report)'s share price rose 2.8% during trading on Monday . The stock traded as high as $14.24 and last traded at $14.15. Approximately 320,009 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 2,539,097 shares. The stock had previously closed at $13.77.

Analyst Ratings Changes

A number of research firms have recently weighed in on CRGY. Mizuho upped their price objective on Crescent Energy from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Stephens increased their price objective on shares of Crescent Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Wells Fargo & Company reduced their price objective on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Monday, October 21st. Evercore ISI reaffirmed an "outperform" rating and set a $17.00 target price on shares of Crescent Energy in a research note on Tuesday, September 24th. Finally, Truist Financial boosted their price target on shares of Crescent Energy from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Crescent Energy has an average rating of "Buy" and a consensus price target of $16.80.

Crescent Energy Stock Performance

The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market capitalization of $3.30 billion, a P/E ratio of 23.32 and a beta of 2.17. The business has a 50-day moving average of $13.79 and a 200-day moving average of $12.43.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.11. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The firm had revenue of $744.87 million during the quarter, compared to analysts' expectations of $793.88 million. During the same period in the previous year, the company earned $0.35 EPS. On average, sell-side analysts anticipate that Crescent Energy will post 0.98 EPS for the current year.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $0.48 annualized dividend and a dividend yield of 3.32%. Crescent Energy's payout ratio is 77.42%.

Hedge Funds Weigh In On Crescent Energy

A number of large investors have recently bought and sold shares of CRGY. Allspring Global Investments Holdings LLC bought a new position in Crescent Energy in the 2nd quarter worth about $32,000. Farther Finance Advisors LLC boosted its holdings in shares of Crescent Energy by 15,675.0% in the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company's stock valued at $35,000 after purchasing an additional 3,135 shares during the period. Amalgamated Bank grew its stake in Crescent Energy by 86.4% in the third quarter. Amalgamated Bank now owns 4,903 shares of the company's stock worth $54,000 after purchasing an additional 2,272 shares in the last quarter. Principal Financial Group Inc. bought a new position in Crescent Energy in the second quarter worth approximately $125,000. Finally, Zacks Investment Management purchased a new position in Crescent Energy during the 3rd quarter worth $121,000. Hedge funds and other institutional investors own 52.11% of the company's stock.

Crescent Energy Company Profile

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.