Crescent Energy (NYSE:CRGY) Reaches New 1-Year High – Time to Buy?

Crescent Energy (NYSE:CRGY)’s stock price reached a new 52-week high during mid-day trading 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.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRGY. Wells Fargo & Company lowered their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. Evercore ISI reiterated an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Tuesday, September 24th. Mizuho raised their price objective on Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Stephens boosted their target price on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. initiated coverage on Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price target for the company. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $15.80.

Crescent Energy Stock Performance

The firm has a market capitalization of $3.27 billion, a PE ratio of 23.09 and a beta of 2.19. The business has a 50-day simple moving average of $12.40 and a 200-day simple moving average of $12.01. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results 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 firm had revenue of $744.87 million during the quarter, compared to analysts’ expectations of $793.88 million. During the same period in the previous year, the company earned $0.35 EPS. Equities research analysts expect that Crescent Energy will post 0.97 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a dividend of $0.12 per share. The ex-dividend date is Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.35%. Crescent Energy’s dividend payout ratio is 77.42%.

Hedge Funds Weigh In On Crescent Energy

Large investors have recently bought and sold shares of the business. Sunbelt Securities Inc. lifted its position in shares of Crescent Energy by 14.1% during the third quarter. Sunbelt Securities Inc. now owns 33,096 shares of the company’s stock worth $362,000 after purchasing an additional 4,102 shares during the last quarter. Neo Ivy Capital Management purchased a new position in Crescent Energy in the 3rd quarter worth about $430,000. Geode Capital Management LLC lifted its holdings in Crescent Energy by 53.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after buying an additional 1,164,306 shares in the last quarter. Barclays PLC boosted its position in Crescent Energy by 579.6% in the 3rd quarter. Barclays PLC now owns 241,137 shares of the company’s stock valued at $2,641,000 after buying an additional 205,657 shares during the period. Finally, Legacy Investment Solutions LLC bought a new position in Crescent Energy in the 3rd quarter worth about $183,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

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.