Crescent Energy (NYSE:CRGY) Shares Gap Down – Here’s Why

Shares of Crescent Energy (NYSE:CRGY) gapped down before the market opened on Tuesday . The stock had previously closed at $13.39, but opened at $12.83. Crescent Energy shares last traded at $12.65, with a volume of 294,739 shares traded.

Wall Street Analyst Weigh In

CRGY has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price target on Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Wolfe Research initiated coverage on Crescent Energy in a research report on Thursday, July 18th. They set an “outperform” rating and a $16.00 price target for the company. Truist Financial reduced their price target 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. Mizuho reduced their price target on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Stephens restated an “overweight” rating and issued a $20.00 price objective on shares of Crescent Energy in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Crescent Energy has an average rating of “Buy” and an average target price of $16.20.

Crescent Energy Stock Performance

The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13. The firm has a fifty day simple moving average of $11.52 and a 200 day simple moving average of $11.71. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of -62.28 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. The firm had revenue of $653.28 million during the quarter, compared to analysts’ expectations of $619.00 million. As a group, sell-side analysts expect that Crescent Energy will post 1.28 earnings per share for the current year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were given a $0.12 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 3.85%. Crescent Energy’s payout ratio is -240.00%.

Insider Transactions at Crescent Energy

In related news, Director Michael Duginski purchased 9,344 shares of Crescent Energy stock in a transaction dated Thursday, August 8th. The shares were acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the transaction, 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 filing with the SEC, which is available at this link. Insiders have purchased 12,294 shares of company stock worth $131,297 in the last three months. Insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRGY. Jackson Creek Investment Advisors LLC raised its stake in shares of Crescent Energy by 1.0% in the 2nd quarter. Jackson Creek Investment Advisors LLC now owns 90,933 shares of the company’s stock valued at $1,078,000 after purchasing an additional 883 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Crescent Energy by 8.5% during the first quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock worth $165,000 after acquiring an additional 1,085 shares during the period. Quadrature Capital Ltd boosted its holdings in shares of Crescent Energy by 5.1% during the first quarter. Quadrature Capital Ltd now owns 30,744 shares of the company’s stock worth $366,000 after acquiring an additional 1,503 shares during the period. CWM LLC boosted its holdings in shares of Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after acquiring an additional 1,832 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Crescent Energy in the second quarter valued at approximately $32,000. 52.11% of the stock is currently owned by institutional investors.

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.