Crescent Energy (NYSE:CRGY) Stock Price Down 3.4% After Analyst Downgrade

Crescent Energy Company (NYSE:CRGYGet Free Report)’s share price fell 3.4% during mid-day trading on Monday after Wells Fargo & Company lowered their price target on the stock from $20.00 to $19.00. Wells Fargo & Company currently has an overweight rating on the stock. Crescent Energy traded as low as $9.43 and last traded at $9.45. 1,228,032 shares traded hands during trading, a decline of 64% from the average session volume of 3,394,099 shares. The stock had previously closed at $9.78.

Other research analysts also recently issued reports about the stock. Piper Sandler began coverage on shares of Crescent Energy in a research report on Monday, June 9th. They set an “overweight” rating and a $14.00 price objective on the stock. Williams Trading set a $16.00 price objective on shares of Crescent Energy in a research report on Wednesday, March 5th. Stephens reaffirmed an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Monday, March 3rd. JPMorgan Chase & Co. reduced their target price on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Finally, Citigroup downgraded shares of Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Crescent Energy presently has a consensus rating of “Moderate Buy” and an average target price of $16.00.

Check Out Our Latest Stock Analysis on Crescent Energy

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Crescent Energy by 26.4% in the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock worth $303,150,000 after purchasing an additional 4,332,831 shares in the last quarter. American Century Companies Inc. boosted its stake in Crescent Energy by 10.0% in the 1st quarter. American Century Companies Inc. now owns 13,967,599 shares of the company’s stock worth $156,996,000 after purchasing an additional 1,266,674 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Crescent Energy by 1.9% in the 1st quarter. Bank of New York Mellon Corp now owns 9,435,708 shares of the company’s stock worth $106,057,000 after purchasing an additional 173,832 shares in the last quarter. Jennison Associates LLC boosted its stake in Crescent Energy by 3.3% in the 1st quarter. Jennison Associates LLC now owns 4,944,038 shares of the company’s stock worth $55,571,000 after purchasing an additional 158,712 shares in the last quarter. Finally, Woodline Partners LP lifted its stake in Crescent Energy by 21.9% during the 4th quarter. Woodline Partners LP now owns 4,767,362 shares of the company’s stock valued at $69,651,000 after acquiring an additional 856,963 shares during the period. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Up 0.3%

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.10. The firm has a market cap of $2.45 billion, a P/E ratio of -21.30 and a beta of 1.75. The company’s 50 day simple moving average is $8.67 and its 200-day simple moving average is $11.84.

Crescent Energy (NYSE:CRGYGet Free Report) last posted its earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.09. The business had revenue of $950.17 million for the quarter, compared to analysts’ expectations of $937.55 million. Crescent Energy had a negative net margin of 2.88% and a positive return on equity of 14.21%. Research analysts forecast that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.01%. The ex-dividend date of this dividend was Monday, May 19th. Crescent Energy’s dividend payout ratio is currently -106.67%.

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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