Crescent Energy (NYSE:CRGY) Releases Earnings Results, Beats Estimates By $0.11 EPS

by · The Markets Daily

Crescent Energy (NYSE:CRGY – Get Free Report) announced its quarterly earnings results on Monday. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.11, Zacks reports. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. The business had revenue of $744.87 million for the quarter, compared to analyst estimates of $793.88 million. During the same quarter in the prior year, the company earned $0.35 earnings per share.

Crescent Energy Stock Up 4.4 %

Shares of CRGY stock traded up $0.57 during trading hours on Wednesday, hitting $13.52. 1,278,966 shares of the company’s stock traded hands, compared to its average volume of 2,351,079. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $13.85. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 669.50 and a beta of 2.19. The stock’s fifty day simple moving average is $11.89 and its two-hundred day simple moving average is $11.79.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date is Monday, November 18th. Crescent Energy’s dividend payout ratio (DPR) is presently 2,400.00%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRGY. Stephens boosted their price objective on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Evercore ISI restated an “outperform” rating and set a $17.00 target price on shares of Crescent Energy in a research report on Tuesday, September 24th. Pickering Energy Partners initiated coverage on Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating for the company. Wolfe Research assumed coverage on Crescent Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, Truist Financial decreased their price objective on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $15.80.

Get Our Latest Analysis on Crescent Energy

Insider Buying and Selling at Crescent Energy

In related news, Director Michael Duginski purchased 9,344 shares of the stock in a transaction dated Thursday, August 8th. The stock was purchased at an average price of $10.62 per share, with a total value of $99,233.28. Following the transaction, the director now directly owns 201,081 shares in the company, valued at $2,135,480.22. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders purchased 12,294 shares of company stock worth $131,297. 13.20% of the stock is owned by insiders.

Crescent Energy Company Profile

(Get Free Report)

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.

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