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

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

Crescent Energy Trading Up 4.4 %

NYSE:CRGY traded up $0.57 during trading hours on Wednesday, reaching $13.52. 1,278,966 shares of the stock were exchanged, compared to its average volume of 2,351,079. Crescent Energy has a twelve month low of $9.88 and a twelve 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 business has a 50-day moving average of $11.89 and a two-hundred day moving average of $11.79. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of 669.50 and a beta of 2.19.

Crescent Energy Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CRGY shares. Pickering Energy Partners initiated coverage on shares of Crescent Energy in a report on Monday, October 28th. They set an “outperform” rating on the stock. Mizuho raised their price objective on Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday. Evercore ISI reiterated an “outperform” rating and issued a $17.00 target price on shares of Crescent Energy in a report on Tuesday, September 24th. Wolfe Research began coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. Finally, Wells Fargo & Company reduced their price target on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $15.80.

Insider Activity at Crescent Energy

In related news, Director Michael Duginski acquired 9,344 shares of the stock in a transaction dated Thursday, August 8th. The stock was acquired at an average cost of $10.62 per share, with a total value of $99,233.28. Following the completion of the transaction, the director now owns 201,081 shares in the company, valued at $2,135,480.22. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders acquired 12,294 shares of company stock worth $131,297. Corporate insiders own 13.20% of the company’s stock.

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.