Crescent Energy (NYSE:CRGY) Shares Gap Down – Time to Sell?

Crescent Energy (NYSE:CRGY) shares gapped down before the market opened on Wednesday . The stock had previously closed at $15.14, but opened at $14.70. Crescent Energy shares last traded at $14.65, with a volume of 5,598,160 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CRGY shares. Wells Fargo & Company lowered their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. JPMorgan Chase & Co. started coverage on Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price target on the stock. Truist Financial lowered their price target on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Mizuho boosted their price target on Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, Stephens upped their target price on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $16.30.

Crescent Energy Stock Down 4.2 %

The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 24.43 and a beta of 2.17. 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 stock has a 50-day moving average of $13.18 and a 200-day moving average of $12.22.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The business had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. During the same quarter in the prior year, the business posted $0.35 earnings per share. Sell-side analysts predict that Crescent Energy will post 0.97 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.31%. The ex-dividend date was Monday, November 18th. Crescent Energy’s payout ratio is presently 77.42%.

Institutional Investors Weigh In On Crescent Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jackson Creek Investment Advisors LLC lifted its stake in Crescent Energy by 1.0% during the second quarter. Jackson Creek Investment Advisors LLC now owns 90,933 shares of the company’s stock worth $1,078,000 after purchasing an additional 883 shares during the last quarter. CWM LLC boosted its holdings in shares of Crescent Energy by 618.9% during the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after acquiring an additional 1,832 shares in the last quarter. Amalgamated Bank boosted its holdings in shares of Crescent Energy by 86.4% during the 3rd quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after acquiring an additional 2,272 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Crescent Energy during the 2nd quarter valued at $32,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Crescent Energy by 7.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,999 shares of the company’s stock valued at $453,000 after acquiring an additional 2,692 shares in the last quarter. 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.