Crescent Energy (NYSE:CRGY) Announces Quarterly Earnings Results

Crescent Energy (NYSE:CRGY) posted its earnings results on Monday. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.03), Zacks reports. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%.

Crescent Energy Stock Performance

Shares of NYSE:CRGY traded up $0.12 on Monday, hitting $8.55. 9,775,990 shares of the company were exchanged, compared to its average volume of 3,924,064. The company’s 50 day moving average price is $8.79 and its two-hundred day moving average price is $8.89. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of -47.51 and a beta of 1.89. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.88 and a current ratio of 0.88. Crescent Energy has a one year low of $6.83 and a one year high of $16.94.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRGY. Piper Sandler raised their price objective on Crescent Energy from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Zacks Research raised shares of Crescent Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 21st. Wells Fargo & Company decreased their price objective on shares of Crescent Energy from $20.00 to $15.00 and set an “overweight” rating for the company in a report on Friday, October 17th. Wall Street Zen upgraded shares of Crescent Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, Mizuho cut their target price on shares of Crescent Energy from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.22.

Hedge Funds Weigh In On Crescent Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC acquired a new stake in shares of Crescent Energy during the 2nd quarter worth approximately $200,000. BNP Paribas Financial Markets lifted its position in Crescent Energy by 135.8% in the second quarter. BNP Paribas Financial Markets now owns 26,874 shares of the company’s stock worth $231,000 after purchasing an additional 15,479 shares during the period. First Trust Advisors LP boosted its stake in Crescent Energy by 1.3% during the second quarter. First Trust Advisors LP now owns 741,506 shares of the company’s stock worth $6,377,000 after buying an additional 9,295 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in Crescent Energy in the 2nd quarter valued at $5,267,000. Finally, Lazard Asset Management LLC raised its stake in shares of Crescent Energy by 80.4% in the 2nd quarter. Lazard Asset Management LLC now owns 154,995 shares of the company’s stock valued at $1,332,000 after buying an additional 69,056 shares in the last quarter. 52.11% of the stock is currently 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.