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

Shares of Crescent Energy (NYSE:CRGY) hit a new 52-week high on Monday . The stock traded as high as $14.19 and last traded at $14.15, with a volume of 290430 shares traded. The stock had previously closed at $13.76.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CRGY. Evercore ISI reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Crescent Energy in a report on Tuesday, September 24th. Mizuho lifted their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. initiated coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price objective on the stock. Wells Fargo & Company lowered their price objective on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Finally, Pickering Energy Partners started coverage on shares of Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating on the stock. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Crescent Energy currently has an average rating of “Buy” and an average price target of $15.80.

Crescent Energy Stock Up 2.5 %

The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $3.22 billion, a PE ratio of 22.19 and a beta of 2.19. The stock has a fifty day moving average price of $12.25 and a 200-day moving average price of $11.96.

Crescent Energy (NYSE:CRGY) last issued its 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 during the quarter, compared to analysts’ expectations of $793.88 million. During the same quarter in the previous year, the business earned $0.35 EPS. 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 issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Monday, November 18th. Crescent Energy’s payout ratio is currently 77.42%.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors and hedge funds have recently bought and sold shares of CRGY. SG Americas Securities LLC purchased a new position in Crescent Energy in the 1st quarter worth approximately $210,000. Swiss National Bank grew its position in shares of Crescent Energy by 19.3% during the first quarter. Swiss National Bank now owns 183,980 shares of the company’s stock worth $2,189,000 after buying an additional 29,800 shares in the last quarter. Sei Investments Co. grew its position in shares of Crescent Energy by 14.9% during the first quarter. Sei Investments Co. now owns 43,470 shares of the company’s stock worth $517,000 after buying an additional 5,624 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Crescent Energy by 8.5% during the first quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock worth $165,000 after buying an additional 1,085 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Crescent Energy by 13.9% during the first quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock worth $110,775,000 after buying an additional 1,137,367 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

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.