Crescent Energy (NYSE:CRGY) Shares Gap Down – Should You Sell?

Shares of Crescent Energy Company (NYSE:CRGY) gapped down prior to trading on Wednesday . The stock had previously closed at $13.70, but opened at $12.54. Crescent Energy shares last traded at $12.6080, with a volume of 3,668,272 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRGY. Wall Street Zen upgraded Crescent Energy from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Zacks Research upgraded Crescent Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 3rd. Wells Fargo & Company boosted their target price on Crescent Energy from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Evercore initiated coverage on shares of Crescent Energy in a research note on Tuesday, December 16th. They set an “outperform” rating and a $13.00 target price on the stock. Finally, JPMorgan Chase & Co. upgraded Crescent Energy from a “neutral” rating to an “overweight” rating and set a $19.00 price objective on the stock in a research report on Friday, March 20th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $14.80.

Crescent Energy Price Performance

The firm has a market cap of $4.17 billion, a P/E ratio of 24.54 and a beta of 1.55. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.48 and a quick ratio of 1.48. The stock’s 50-day simple moving average is $11.60 and its two-hundred day simple moving average is $9.74.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Wednesday, February 25th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.19. The company had revenue of $865.05 million during the quarter, compared to analyst estimates of $884.64 million. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%. Equities research analysts forecast that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 11th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Wednesday, March 11th. Crescent Energy’s payout ratio is currently 92.31%.

Institutional Trading of Crescent Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. increased its holdings in shares of Crescent Energy by 25.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock worth $46,000 after buying an additional 1,066 shares during the last quarter. First Citizens Bank & Trust Co. lifted its holdings in Crescent Energy by 1.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 65,241 shares of the company’s stock worth $547,000 after buying an additional 1,152 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Crescent Energy by 50.2% in the third quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the company’s stock valued at $33,000 after buying an additional 1,241 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Crescent Energy by 2.0% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 62,706 shares of the company’s stock worth $526,000 after buying an additional 1,245 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Crescent Energy by 8.9% in the 1st quarter. AQR Capital Management LLC now owns 17,104 shares of the company’s stock valued at $192,000 after acquiring an additional 1,397 shares during the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Energy

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.