Crescent Energy (NYSE:CRGY) Posts Earnings Results

Crescent Energy (NYSE:CRGY) posted its quarterly earnings data on Monday. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.11, Zacks reports. The company had revenue of $744.87 million during the quarter, compared to analyst estimates of $793.88 million. Crescent Energy had a return on equity of 14.01% and a net margin of 2.17%. During the same quarter last year, the company earned $0.35 EPS.

Crescent Energy Price Performance

Shares of NYSE CRGY traded up $0.08 during trading on Thursday, hitting $13.44. 576,746 shares of the company were exchanged, compared to its average volume of 2,352,089. The firm’s fifty day moving average price is $11.92 and its 200 day moving average price is $11.81. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 21.54 and a beta of 2.19. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $13.85. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Monday, November 18th. Crescent Energy’s dividend payout ratio is presently 77.42%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wells Fargo & Company decreased their target price on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Truist Financial decreased their target price on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Stephens upped their price objective on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Mizuho upped their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Pickering Energy Partners initiated coverage on Crescent Energy in a research note on Monday, October 28th. They issued an “outperform” rating on the stock. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $15.80.

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.