Crescent Energy (NYSE:CRGY) Releases Earnings Results, Beats Expectations By $0.11 EPS

Crescent Energy (NYSE:CRGY) released its quarterly earnings results on Monday. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.28 by $0.11, Zacks reports. Crescent Energy had a return on equity of 14.01% and a net margin of 2.17%. The firm had revenue of $744.87 million for the quarter, compared to analyst estimates of $793.88 million. During the same period in the previous year, the company posted $0.35 EPS.

Crescent Energy Trading Up 0.6 %

Shares of CRGY stock traded up $0.08 on Thursday, reaching $13.44. The company had a trading volume of 576,746 shares, compared to its average volume of 2,352,089. The company has a 50-day moving average of $11.92 and a 200-day moving average of $11.81. 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 stock has a market cap of $2.39 billion, a PE ratio of 21.54 and a beta of 2.19. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $13.85.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $0.12 dividend. The ex-dividend date is Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 3.57%. Crescent Energy’s payout ratio is presently 77.42%.

Analyst Ratings Changes

A number of equities analysts recently commented on CRGY shares. Wells Fargo & Company decreased their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Wolfe Research initiated coverage on shares of Crescent Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 target price on the stock. JPMorgan Chase & Co. began 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. Pickering Energy Partners began coverage on Crescent Energy in a research report on Monday, October 28th. They issued an “outperform” rating on the stock. Finally, Truist Financial lowered their price target on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Two equities research 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. Based on data from MarketBeat.com, Crescent Energy has a consensus rating of “Buy” and an average price target of $15.80.

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.