Crescent Energy (NYSE:CRGY) Issues Quarterly Earnings Results

Crescent Energy (NYSE:CRGY) posted its quarterly earnings results on Monday. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.59 by $0.18, FiscalAI reports. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.24 billion.

Crescent Energy Stock Down 5.0%

Shares of NYSE CRGY traded down $0.71 during mid-day trading on Monday, reaching $13.48. The company had a trading volume of 8,610,001 shares, compared to its average volume of 7,390,072. The firm has a 50 day simple moving average of $13.63 and a two-hundred day simple moving average of $11.96. Crescent Energy has a 52-week low of $7.68 and a 52-week high of $15.47. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00. The stock has a market cap of $5.70 billion, a P/E ratio of -269.65 and a beta of 1.71.

Analysts Set New Price Targets

Several equities analysts recently commented on CRGY shares. Stephens increased their target price on Crescent Energy from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Zacks Research raised Crescent Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. BMO Capital Markets reaffirmed a “market perform” rating and set a $16.00 price target on shares of Crescent Energy in a report on Friday, September 18th. Wells Fargo & Company upped their price objective on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Finally, UBS Group dropped their price objective on Crescent Energy from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.14.

Crescent Energy Company Profile

Crescent Energy Company is an independent energy company focused on the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include exploration and production, well development, production optimization and management of mature and unconventional oil and gas assets.

The company’s portfolio is concentrated in onshore U.S. basins, including the Eagle Ford in South Texas and the Uinta Basin in Utah, along with other producing properties.