Crescent Energy (NYSE:CRGY) Shares Down 11.9% – What’s Next?

Crescent Energy (NYSE:CRGY)’s share price was down 11.9% during trading on Thursday . The stock traded as low as $7.48 and last traded at $7.55. Approximately 546,377 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 3,127,688 shares. The stock had previously closed at $8.57.

Analysts Set New Price Targets

A number of analysts recently issued reports on CRGY shares. Williams Trading set a $16.00 price objective on Crescent Energy in a research report on Wednesday, March 5th. Raymond James reiterated a “strong-buy” rating and set a $18.00 price target (down from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. Siebert Williams Shank initiated coverage on shares of Crescent Energy in a report on Monday, February 3rd. They issued a “buy” rating on the stock. JPMorgan Chase & Co. dropped their target price on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Finally, Truist Financial upped their price target on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Crescent Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Crescent Energy Stock Performance

The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 12.44 and a beta of 1.88. The firm has a 50 day moving average price of $11.75 and a 200-day moving average price of $13.28. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 6.22%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s dividend payout ratio is currently -69.57%.

Insider Transactions at Crescent Energy

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael Duginski acquired 4,000 shares of Crescent Energy stock in a transaction dated Tuesday, March 11th. The shares were bought at an average price of $10.38 per share, with a total value of $41,520.00. Following the transaction, the director now directly owns 233,607 shares in the company, valued at approximately $2,424,840.66. The trade was a 1.74 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 24,932 shares of company stock valued at $263,219. 13.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its position in shares of Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock worth $40,000 after acquiring an additional 705 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock worth $52,000 after purchasing an additional 2,377 shares during the period. Quarry LP grew its position in Crescent Energy by 263.4% during the 4th quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $64,000 after purchasing an additional 3,155 shares during the last quarter. GAMMA Investing LLC increased its stake in Crescent Energy by 48.3% in the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock valued at $73,000 after purchasing an additional 1,621 shares during the period. Finally, Toth Financial Advisory Corp purchased a new stake in shares of Crescent Energy in the fourth quarter valued at about $131,000. 52.11% of the stock is owned by hedge funds and other 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.