Crescent Energy (NYSE:CRGY) Hits New 52-Week High – Should You Buy?

Crescent Energy (NYSE:CRGY) shares reached a new 52-week high on Tuesday . The company traded as high as $15.70 and last traded at $15.61, with a volume of 1418977 shares trading hands. The stock had previously closed at $15.37.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CRGY shares. Wells Fargo & Company reduced their price objective on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. JPMorgan Chase & Co. began coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target for the company. Evercore ISI reissued an “outperform” rating and set a $17.00 price target on shares of Crescent Energy in a report on Tuesday, September 24th. Raymond James increased their target price on shares of Crescent Energy from $19.00 to $20.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Stephens raised their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $16.80.

Crescent Energy Trading Up 2.2 %

The company has a fifty day simple moving average of $14.08 and a 200-day simple moving average of $12.56. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 25.34 and a beta of 2.17. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The business had revenue of $744.87 million during the quarter, compared to analysts’ expectations of $793.88 million. During the same quarter last year, the firm posted $0.35 earnings per share. On average, research analysts forecast that Crescent Energy will post 0.98 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Monday, November 18th. Crescent Energy’s dividend payout ratio is currently 77.42%.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds have recently added to or reduced their stakes in CRGY. Allspring Global Investments Holdings LLC bought a new position in shares of Crescent Energy in the second quarter valued at approximately $32,000. Farther Finance Advisors LLC raised its position in shares of Crescent Energy by 15,675.0% during the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock valued at $35,000 after buying an additional 3,135 shares during the last quarter. Amalgamated Bank raised its holdings in Crescent Energy by 86.4% in the 3rd quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after acquiring an additional 2,272 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Crescent Energy by 48.3% in the fourth 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 in the last quarter. Finally, Principal Financial Group Inc. bought a new position in shares of Crescent Energy during the 2nd quarter worth about $125,000. Institutional investors and hedge funds own 52.11% 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.