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

Crescent Energy (NYSE:CRGY) issued its quarterly earnings results on Monday. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.09, FiscalAI reports. The company 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 Stock Down 0.3%

Shares of NYSE CRGY traded down $0.04 during trading on Monday, reaching $11.43. The company had a trading volume of 5,627,180 shares, compared to its average volume of 7,206,473. Crescent Energy has a 12-month low of $7.68 and a 12-month high of $14.29. The stock has a market cap of $3.77 billion, a PE ratio of -15.24 and a beta of 1.40. The business’s 50-day moving average is $10.81 and its 200 day moving average is $11.30. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently bought and sold shares of the company. Quarry LP grew its position in Crescent Energy by 303.5% during the 3rd quarter. Quarry LP now owns 4,152 shares of the company’s stock valued at $37,000 after purchasing an additional 3,123 shares during the last quarter. Osaic Holdings Inc. raised its holdings in Crescent Energy by 25.2% in the second 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. State of Wyoming bought a new position in shares of Crescent Energy in the fourth quarter worth approximately $66,000. Vise Technologies Inc. bought a new position in shares of Crescent Energy in the fourth quarter worth approximately $85,000. Finally, Vinva Investment Management Ltd purchased a new stake in shares of Crescent Energy during the fourth quarter valued at approximately $90,000. Institutional investors own 52.11% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. KeyCorp restated an “overweight” rating and set a $19.00 target price on shares of Crescent Energy in a report on Thursday, June 11th. Zacks Research lowered shares of Crescent Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Mizuho lifted their price target on shares of Crescent Energy from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, May 27th. Raymond James Financial reissued a “strong-buy” rating and set a $19.00 price objective on shares of Crescent Energy in a research note on Monday. Finally, Stephens reaffirmed an “overweight” rating and set a $18.00 target price on shares of Crescent Energy in a research note on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Crescent Energy has an average rating of “Moderate Buy” and an average price target of $15.67.

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.