Crescent Energy (NYSE:CRGY) Shares Down 2.7% - What's Next?

Crescent Energy (NYSE:CRGY - Get Free Report)'s stock price was down 2.7% during mid-day trading on Monday . The company traded as low as $12.15 and last traded at $12.22. Approximately 643,252 shares traded hands during trading, a decline of 73% from the average daily volume of 2,359,427 shares. The stock had previously closed at $12.56.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CRGY shares. Pickering Energy Partners started coverage on Crescent Energy in a report on Monday. They set an "outperform" rating on the stock. 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 price objective on Crescent Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Monday. Truist Financial reduced their price objective on Crescent Energy from $19.00 to $15.00 and set a "buy" rating for the company in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. initiated coverage on Crescent Energy in a research report on Wednesday, September 18th. They set a "neutral" rating and a $12.00 price objective for the company. Two analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $15.70.

Crescent Energy Stock Performance

The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. The business has a 50-day simple moving average of $11.71 and a 200 day simple moving average of $11.74. The firm has a market cap of $2.17 billion, a PE ratio of -61.05 and a beta of 2.19.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.05. The firm had revenue of $653.28 million during the quarter, compared to analyst estimates of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. Equities research analysts forecast that Crescent Energy will post 1.27 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy's payout ratio is presently -240.00%.

Insider Activity at Crescent Energy

In related news, Director Michael Duginski acquired 9,344 shares of the stock in a transaction dated Thursday, August 8th. The stock was acquired at an average cost of $10.62 per share, with a total value of $99,233.28. Following the purchase, the director now directly owns 201,081 shares of the company's stock, valued at approximately $2,135,480.22. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders bought 12,294 shares of company stock valued at $131,297. Insiders own 13.20% of the company's stock.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently modified their holdings of CRGY. American Century Companies Inc. increased its holdings in Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company's stock worth $92,145,000 after purchasing an additional 6,348,598 shares during the period. Marshall Wace LLP boosted its position in shares of Crescent Energy by 286.7% in the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company's stock worth $33,537,000 after purchasing an additional 2,098,303 shares in the last quarter. Zimmer Partners LP acquired a new stake in shares of Crescent Energy in the 1st quarter worth $17,731,000. Dimensional Fund Advisors LP lifted its position in Crescent Energy by 85.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company's stock worth $31,477,000 after acquiring an additional 1,226,027 shares during the period. Finally, Vanguard Group Inc. lifted its position in Crescent Energy by 13.9% during the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company's stock worth $110,775,000 after acquiring an additional 1,137,367 shares during the period. 52.11% of the stock is currently owned by hedge funds and other 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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