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

Crescent Energy (NYSE:CRGY) posted its earnings results on Monday. The company reported $0.39 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 during the quarter, compared to analysts’ expectations of $793.88 million. During the same period in the previous year, the business earned $0.35 earnings per share.

Crescent Energy Stock Up 4.3 %

Shares of Crescent Energy stock traded up $0.56 during midday trading on Wednesday, hitting $13.51. The company had a trading volume of 1,146,757 shares, compared to its average volume of 2,350,464. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87. The stock has a market capitalization of $2.40 billion, a P/E ratio of 669.50 and a beta of 2.19. The company has a 50 day moving average of $11.89 and a 200 day moving average of $11.79. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $13.85.

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 paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $0.48 annualized dividend and a dividend yield of 3.55%. Crescent Energy’s payout ratio is currently 2,400.00%.

Insider Buying and Selling

In other Crescent Energy news, Director Michael Duginski acquired 9,344 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average cost of $10.62 per share, with a total value of $99,233.28. Following the transaction, the director now owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have purchased 12,294 shares of company stock worth $131,297 in the last 90 days. Insiders own 13.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Pickering Energy Partners assumed coverage on Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating for the company. 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. Wells Fargo & Company dropped their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Mizuho lifted their price target on Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Stephens lifted their price target on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. 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. According to MarketBeat, Crescent Energy currently has a consensus rating of “Buy” and an average price target 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.