Crescent Energy (NYSE:CRGY) Stock Falls 5.8% – Time to Sell?

Crescent Energy Company (NYSE:CRGY) was down 5.8% during trading on Thursday. The company traded as low as $12.82 and last traded at $12.6910. 1,581,296 shares traded hands during trading, a decline of 77% from the average daily volume of 6,868,702 shares. The stock had previously closed at $13.47.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. KeyCorp reaffirmed an “overweight” rating and set a $19.00 target price on shares of Crescent Energy in a research note on Thursday, June 11th. Raymond James Financial reiterated a “strong-buy” rating on shares of Crescent Energy in a research report on Thursday, September 10th. UBS Group reaffirmed a “buy” rating and set a $19.00 target price on shares of Crescent Energy in a report on Monday, September 14th. Truist Financial began coverage on shares of Crescent Energy in a report on Thursday, September 17th. They issued a “buy” rating and a $19.00 target price for the company. Finally, Wall Street Zen upgraded shares of Crescent Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 19th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.08.

Crescent Energy Trading Down 4.3%

The firm has a market capitalization of $4.26 billion, a price-to-earnings ratio of -257.85 and a beta of 1.60. The company has a fifty day moving average price of $13.20 and a 200-day moving average price of $12.31. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.26 billion. The business’s quarterly revenue was up 55.3% compared to the same quarter last year. On average, equities research analysts predict that Crescent Energy Company will post 2.56 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, August 17th. Crescent Energy’s dividend payout ratio is -960.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRGY. First Trust Advisors LP grew its holdings 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 purchasing an additional 346,242 shares in the last quarter. Kohlberg Kravis Roberts & Co. L.P. raised its stake in shares of Crescent Energy by 7.1% in the first quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company’s stock valued at $386,847,000 after purchasing an additional 1,897,230 shares in the last quarter. Bank of America Corp DE lifted its position in Crescent Energy by 308.2% in the first quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock worth $41,267,000 after purchasing an additional 2,307,971 shares during the period. Jennison Associates LLC boosted its stake in Crescent Energy by 74.1% during the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock worth $57,435,000 after buying an additional 1,810,225 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Crescent Energy in the 2nd quarter valued at $1,762,000. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Company Profile

Crescent Energy Company is an independent, U.S.-based energy company engaged in the acquisition, development, and operation of oil and natural gas properties. Its production portfolio includes crude oil, natural gas, and natural gas liquids, with an emphasis on established assets that offer ongoing development opportunities.

The company’s operations are concentrated in several major U.S. onshore producing regions, including the Eagle Ford, the Uinta Basin, and other assets across the Rocky Mountain and central United States.