Crescent Energy (NYSE:CRGY) Trading Down 16.1% - Should You Sell?

Crescent Energy (NYSE:CRGY - Get Free Report)'s stock price fell 16.1% during trading on Friday . The stock traded as low as $7.91 and last traded at $7.77. 462,277 shares changed hands during trading, a decline of 85% from the average session volume of 3,053,015 shares. The stock had previously closed at $9.26.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CRGY shares. Williams Trading set a $16.00 target price on Crescent Energy in a research report on Wednesday, March 5th. Mizuho increased their price objective on Crescent Energy from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Tuesday, January 14th. Siebert Williams Shank assumed coverage on shares of Crescent Energy in a research note on Monday, February 3rd. They set a "buy" rating on the stock. Stephens reiterated an "overweight" rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Crescent Energy currently has an average rating of "Moderate Buy" and a consensus price target of $17.09.

Crescent Energy Trading Up 17.3 %

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company's 50-day moving average is $12.32 and its 200-day moving average is $13.39. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of 13.79 and a beta of 1.88.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.61%. Crescent Energy's dividend payout ratio is currently -69.57%.

Insider Activity

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael Duginski purchased 4,000 shares of Crescent Energy stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the purchase, the director now directly owns 233,607 shares in the company, valued at approximately $2,424,840.66. This trade represents a 1.74 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 24,932 shares of company stock valued at $263,219. 13.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently made changes to their positions in CRGY. Public Employees Retirement System of Ohio lifted its stake 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 in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Crescent Energy by 206.7% in the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock valued at $52,000 after buying an additional 2,377 shares during the period. Quarry LP lifted its stake in Crescent Energy by 263.4% during the 4th quarter. Quarry LP now owns 4,353 shares of the company's stock worth $64,000 after acquiring an additional 3,155 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Crescent Energy by 48.3% during the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock valued at $73,000 after acquiring an additional 1,621 shares during the period. Finally, Zacks Investment Management acquired a new position in Crescent Energy in the 3rd quarter valued at about $121,000. Hedge funds and other institutional investors 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.