Crescent Energy (NYSE:CRGY) Posts Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Crescent Energy (NYSE:CRGY) released its quarterly earnings data on Monday. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.09, FiscalAI reports. The firm had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.

Crescent Energy Trading Down 0.3%

NYSE:CRGY traded down $0.04 during trading hours on Monday, reaching $11.43. 5,625,190 shares of the stock were exchanged, compared to its average volume of 7,206,213. Crescent Energy has a twelve month low of $7.68 and a twelve month high of $14.29. The business has a 50-day moving average of $10.81 and a two-hundred day moving average of $11.30. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of -15.24 and a beta of 1.40. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CRGY shares. Mizuho lifted their target price on Crescent Energy from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, May 27th. UBS Group began coverage on Crescent Energy in a report on Tuesday, July 14th. They set a “buy” rating and a $13.00 price target for the company. Raymond James Financial reissued a “strong-buy” rating and set a $19.00 price objective on shares of Crescent Energy in a research report on Monday. Wells Fargo & Company boosted their price objective on shares of Crescent Energy from $14.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Crescent Energy in a research report on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Crescent Energy has a consensus rating of “Moderate Buy” and a consensus price target of $15.67.

Hedge Funds Weigh In On Crescent Energy

Hedge funds have recently bought and sold shares of the company. Balyasny Asset Management L.P. increased its stake in Crescent Energy by 775.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,303,260 shares of the company’s stock worth $27,714,000 after buying an additional 2,925,780 shares during the period. State Street Corp boosted its position in Crescent Energy by 27.6% in the 4th quarter. State Street Corp now owns 12,808,605 shares of the company’s stock valued at $107,464,000 after buying an additional 2,767,096 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Crescent Energy by 77.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,105,558 shares of the company’s stock valued at $42,836,000 after buying an additional 2,234,324 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Crescent Energy by 20.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,872,215 shares of the company’s stock worth $107,999,000 after acquiring an additional 2,213,352 shares in the last quarter. Finally, Freestone Grove Partners LP grew its stake in shares of Crescent Energy by 156.8% in the fourth quarter. Freestone Grove Partners LP now owns 2,523,223 shares of the company’s stock worth $21,170,000 after acquiring an additional 1,540,842 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

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.