Crescent Energy (NYSE:CRGY) Shares Gap Down – Time to Sell?

Crescent Energy (NYSE:CRGY) gapped down before the market opened on Wednesday . The stock had previously closed at $15.14, but opened at $14.70. Crescent Energy shares last traded at $14.65, with a volume of 5,598,160 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Evercore ISI reissued an “outperform” rating and set a $17.00 price objective on shares of Crescent Energy in a report on Tuesday, September 24th. Pickering Energy Partners began coverage on Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating for the company. Truist Financial lowered their target price on Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Mizuho raised their target price on Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, Stephens raised 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. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $16.30.

Crescent Energy Stock Performance

The company has a 50-day moving average price of $13.18 and a two-hundred day moving average price of $12.22. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $3.31 billion, a P/E ratio of 24.43 and a beta of 2.17.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The firm had revenue of $744.87 million during the quarter, compared to analyst estimates of $793.88 million. During the same period last year, the company posted $0.35 EPS. On average, equities analysts forecast that Crescent Energy will post 0.97 earnings per share for the current year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Monday, November 18th. Crescent Energy’s payout ratio is 77.42%.

Institutional Trading of Crescent Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC increased its position in Crescent Energy by 618.9% in the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after buying an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Crescent Energy in the 2nd quarter valued at about $32,000. Farther Finance Advisors LLC increased its position in Crescent Energy by 15,675.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock valued at $35,000 after buying an additional 3,135 shares in the last quarter. Spirit of America Management Corp NY acquired a new position in Crescent Energy during the 2nd quarter valued at about $36,000. Finally, Amalgamated Bank boosted its stake in Crescent Energy by 86.4% during the 3rd quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after purchasing an additional 2,272 shares during the last quarter. 52.11% of the stock is owned by institutional investors.

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.