Crescent Energy (NYSE:CRGY) Shares Gap Down – Time to Sell?

Crescent Energy (NYSE:CRGY) gapped down before the market opened on Wednesday . The stock had previously closed at $11.29, but opened at $11.00. Crescent Energy shares last traded at $10.65, with a volume of 173,491 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Truist Financial lifted their price target on Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 13th. Siebert Williams Shank initiated coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They issued a “buy” rating on the stock. Mizuho increased their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Raymond James raised their target price on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Finally, Stephens reaffirmed an “overweight” rating and set a $17.00 price target on shares of Crescent Energy in a research report on Monday. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Crescent Energy presently has a consensus rating of “Buy” and a consensus target price of $17.60.

Crescent Energy Price Performance

The stock has a fifty day moving average of $14.91 and a 200 day moving average of $13.50. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of 17.43 and a beta of 2.18. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 4.44%. The ex-dividend date of this dividend is Wednesday, March 12th. Crescent Energy’s dividend payout ratio is currently -69.57%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Pacer Advisors Inc. purchased a new position in Crescent Energy during the fourth quarter worth approximately $170,905,000. Vanguard Group Inc. raised its stake in shares of Crescent Energy by 26.4% during the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock worth $303,150,000 after buying an additional 4,332,831 shares during the period. Jennison Associates LLC lifted its position in shares of Crescent Energy by 234.4% during the 4th quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock valued at $69,914,000 after buying an additional 3,354,362 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Crescent Energy by 55.5% in the 4th quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock valued at $135,316,000 after acquiring an additional 3,305,833 shares during the period. Finally, State Street Corp increased its holdings in Crescent Energy by 78.6% in the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after acquiring an additional 2,986,468 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Company Profile

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.