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

Crescent Energy Company (NYSE:CRGY)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $14.42 and last traded at $14.3350, with a volume of 830073 shares. The stock had previously closed at $14.07.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CRGY shares. Zacks Research downgraded shares of Crescent Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. UBS Group upped their price target on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Raymond James Financial reissued a “strong-buy” rating and issued a $19.00 target price on shares of Crescent Energy in a research note on Monday, August 3rd. KeyCorp reaffirmed an “overweight” rating and issued a $19.00 price objective on shares of Crescent Energy in a research note on Thursday, June 11th. Finally, Wells Fargo & Company decreased their price objective on shares of Crescent Energy from $24.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $15.92.

Crescent Energy Stock Up 2.4%

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00. The firm has a 50 day simple moving average of $11.34 and a 200-day simple moving average of $11.85. The stock has a market cap of $4.76 billion, a P/E ratio of -288.24 and a beta of 1.45.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.26 billion. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The firm’s revenue was up 55.3% compared to the same quarter last year. On average, equities research analysts forecast that Crescent Energy Company will post 2.07 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, August 17th. Crescent Energy’s dividend payout ratio (DPR) is -960.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRGY. First Trust Advisors LP lifted its position in shares of Crescent Energy by 29.0% during the 1st quarter. First Trust Advisors LP now owns 1,542,176 shares of the company’s stock worth $20,819,000 after buying an additional 346,242 shares during the last quarter. Kohlberg Kravis Roberts & Co. L.P. grew its position in shares of Crescent Energy by 7.1% in the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock valued at $386,847,000 after buying an additional 1,897,230 shares during the last quarter. Bank of America Corp DE increased its position in Crescent Energy by 308.2% during the 1st quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock valued at $41,267,000 after purchasing an additional 2,307,971 shares during the period. Jennison Associates LLC lifted its holdings in Crescent Energy by 74.1% in the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock valued at $57,435,000 after buying an additional 1,810,225 shares during the period. Finally, Wolverine Asset Management LLC bought a new stake in shares of Crescent Energy during the 4th quarter valued at about $860,000. 52.11% of the stock is owned by institutional investors.

Crescent Energy Company Profile

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.