Crescent Energy (NYSE:CRGY) Reaches New 12-Month High – Should You Buy?

Crescent Energy (NYSE:CRGY)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $15.70 and last traded at $15.61, with a volume of 1418977 shares. The stock had previously closed at $15.37.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wells Fargo & Company reduced their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Truist Financial boosted their price objective on shares of Crescent Energy from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Evercore ISI reaffirmed an “outperform” rating and set a $17.00 price target on shares of Crescent Energy in a research report on Tuesday, September 24th. Stephens boosted their target price on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. initiated coverage on Crescent Energy in a report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target for the company. Two 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 company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $16.80.

Crescent Energy Stock Performance

The firm has a fifty day moving average of $14.22 and a 200 day moving average of $12.61. 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 market capitalization of $3.59 billion, a price-to-earnings ratio of 25.34 and a beta of 2.17.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The business had revenue of $744.87 million for the quarter, compared to analysts’ expectations of $793.88 million. During the same quarter last year, the company earned $0.35 EPS. On average, sell-side analysts anticipate that Crescent Energy will post 0.98 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were given a $0.12 dividend. The ex-dividend date was Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.06%. Crescent Energy’s dividend payout ratio (DPR) is currently 77.42%.

Institutional Trading of Crescent Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. American Century Companies Inc. grew its stake in Crescent Energy by 444.8% in the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after acquiring an additional 6,348,598 shares during the period. State Street Corp lifted its holdings in Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after purchasing an additional 2,986,468 shares in the last quarter. Marshall Wace LLP grew its position in shares of Crescent Energy by 286.7% in the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after purchasing an additional 2,098,303 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Crescent Energy during the third quarter worth about $21,872,000. Finally, Riposte Capital LLC acquired a new position in shares of Crescent Energy during the 3rd quarter worth about $18,232,000. 52.11% of the stock is currently owned by hedge funds and other 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.