Crescent Energy Company (NYSE:CRGY – Get Free Report) shares rose 4.6% on Tuesday . The stock traded as high as $15.29 and last traded at $15.2550. Approximately 2,288,018 shares were traded during mid-day trading, a decline of 67% from the average session volume of 6,923,709 shares. The stock had previously closed at $14.59.
Wall Street Analysts Forecast Growth
CRGY has been the subject of several analyst reports. Wells Fargo & Company dropped their target price on Crescent Energy from $24.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. Seaport Research Partners began coverage on shares of Crescent Energy in a report on Thursday, September 3rd. They set a “sell” rating and a $12.00 price objective on the stock. Mizuho boosted their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Wall Street Zen raised shares of Crescent Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Crescent Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.42.
Check Out Our Latest Research Report on CRGY
Crescent Energy Stock Up 5.2%
Crescent Energy (NYSE:CRGY – Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.26 billion. The company’s revenue for the quarter was up 55.3% on a year-over-year basis. On average, equities analysts expect that Crescent Energy Company will post 2.17 earnings per share for the current fiscal year.
Crescent Energy Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.48 annualized dividend and a dividend yield of 3.1%. Crescent Energy’s dividend payout ratio is presently -960.00%.
Hedge Funds Weigh In On Crescent Energy
Hedge funds and other institutional investors have recently made changes to their positions in the business. Sunbelt Securities Inc. increased its holdings in Crescent Energy by 0.7% in the 1st quarter. Sunbelt Securities Inc. now owns 151,416 shares of the company’s stock valued at $2,044,000 after purchasing an additional 1,073 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Crescent Energy by 2.0% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 62,706 shares of the company’s stock worth $526,000 after purchasing an additional 1,245 shares in the last quarter. Allworth Financial LP boosted its position in shares of Crescent Energy by 42.3% in the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock worth $40,000 after buying an additional 1,401 shares during the period. Pictet Asset Management Holding SA grew its stake in shares of Crescent Energy by 4.5% in the first quarter. Pictet Asset Management Holding SA now owns 38,292 shares of the company’s stock valued at $517,000 after buying an additional 1,638 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Crescent Energy by 1.1% in the second quarter. NewEdge Advisors LLC now owns 145,918 shares of the company’s stock valued at $1,433,000 after buying an additional 1,650 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.
About Crescent Energy
Crescent Energy Company (NYSE: CRGY) is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.
The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.
Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.
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