Crescent Energy (NYSE:CRGY) Sets New 1-Year High – Should You Buy?

Crescent Energy (NYSE:CRGY)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $13.86 and last traded at $13.86, with a volume of 107976 shares traded. The stock had previously closed at $13.61.

Analysts Set New Price Targets

CRGY has been the subject of several recent research reports. Evercore ISI reissued an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, September 24th. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price for the company. Wells Fargo & Company decreased their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Wolfe Research began coverage on Crescent Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Finally, Stephens raised their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $15.80.

Crescent Energy Stock Down 0.9 %

The company’s fifty day simple moving average is $12.08 and its 200 day simple moving average is $11.89. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $2.47 billion, a P/E ratio of 22.42 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last released 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. The company had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same period in the prior year, the firm earned $0.35 earnings per share. Research analysts expect that Crescent Energy will post 0.97 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Monday, November 18th. Crescent Energy’s payout ratio is presently 77.42%.

Institutional Investors Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 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 buying an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Crescent Energy during the second quarter worth about $32,000. Farther Finance Advisors LLC grew its holdings in Crescent Energy by 15,675.0% in the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock worth $35,000 after purchasing an additional 3,135 shares during the period. Spirit of America Management Corp NY bought a new position in shares of Crescent Energy during the second quarter valued at approximately $36,000. Finally, Amalgamated Bank lifted its holdings in shares of Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after purchasing an additional 2,272 shares during the last quarter. 52.11% of the stock is 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.