Crescent Energy (NYSE:CRGY) Sets New 52-Week High – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. assumed coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price target for the company. 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. Pickering Energy Partners began coverage on Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating on the stock. Mizuho boosted their target price 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 raised their price target on shares of Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $15.80.

Crescent Energy Stock Performance

The business’s fifty day moving average is $12.08 and its 200-day moving average is $11.89. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a market cap of $2.47 billion, a PE ratio of 22.42 and a beta of 2.19.

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

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Monday, November 18th. Crescent Energy’s dividend payout ratio is presently 77.42%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Jupiter Asset Management Ltd. bought a new stake in Crescent Energy during the 1st quarter worth approximately $2,877,000. Moody National Bank Trust Division bought a new stake in shares of Crescent Energy during the 2nd quarter valued at $769,000. Interval Partners LP purchased a new position in shares of Crescent Energy during the 2nd quarter valued at $1,835,000. Susquehanna Fundamental Investments LLC bought a new position in Crescent Energy in the 2nd quarter worth $3,496,000. Finally, Boston Partners purchased a new stake in Crescent Energy in the 1st quarter worth $630,000. 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.