Crescent Energy (NYSE:CRGY) Hits New 1-Year Low – What’s Next?

Crescent Energy (NYSE:CRGY)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $9.55 and last traded at $9.62, with a volume of 1650305 shares changing hands. The stock had previously closed at $11.18.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CRGY shares. JPMorgan Chase & Co. lowered their target price on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Mizuho upped their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Wells Fargo & Company decreased their price target on Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. Williams Trading set a $16.00 price objective on Crescent Energy in a research report on Wednesday, March 5th. Finally, Stephens reaffirmed an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.09.

Crescent Energy Price Performance

The stock has a market cap of $2.02 billion, a P/E ratio of 12.59 and a beta of 1.88. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The business’s 50-day simple moving average is $12.81 and its two-hundred day simple moving average is $13.45.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $0.48 annualized dividend and a dividend yield of 6.15%. Crescent Energy’s dividend payout ratio is currently -69.57%.

Insider Activity

In other Crescent Energy news, Director Michael Duginski purchased 4,000 shares of the stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $10.38 per share, with a total value of $41,520.00. Following the acquisition, the director now directly owns 233,607 shares in the company, valued at approximately $2,424,840.66. The trade was a 1.74 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. Over the last three months, insiders purchased 24,932 shares of company stock worth $263,219. 13.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crescent Energy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio lifted its holdings in shares of Crescent Energy by 35.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock worth $40,000 after acquiring an additional 705 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Crescent Energy by 206.7% during the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock worth $52,000 after purchasing an additional 2,377 shares during the last quarter. Quarry LP boosted its holdings in shares of Crescent Energy by 263.4% in the 4th quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $64,000 after purchasing an additional 3,155 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Crescent Energy by 48.3% during the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock valued at $73,000 after purchasing an additional 1,621 shares during the last quarter. Finally, Zacks Investment Management purchased a new position in shares of Crescent Energy during the 3rd quarter valued at about $121,000. Hedge funds and other institutional investors 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.