Crescent Energy (NYSE:CRGY) Shares Gap Down – Here’s What Happened

Crescent Energy (NYSE:CRGY) shares gapped down prior to trading on Wednesday . The stock had previously closed at $11.29, but opened at $11.00. Crescent Energy shares last traded at $10.65, with a volume of 173,491 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Stephens reissued an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a report on Monday. Truist Financial boosted their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 13th. Raymond James boosted their price target on Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Mizuho raised their price objective on Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Finally, Siebert Williams Shank began coverage on Crescent Energy in a research report on Monday, February 3rd. They set a “buy” rating for the company. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $17.60.

Crescent Energy Price Performance

The business’s fifty day moving average price is $14.97 and its 200 day moving average price is $13.52. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $2.46 billion, a P/E ratio of 17.38 and a beta of 2.16.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 4.46%. The ex-dividend date is Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is -69.57%.

Institutional Trading of Crescent Energy

Several hedge funds and other institutional investors have recently made changes to their positions in CRGY. Pacer Advisors Inc. bought a new stake in Crescent Energy during the 4th quarter worth approximately $170,905,000. Vanguard Group Inc. raised its position in Crescent Energy by 26.4% during the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock worth $303,150,000 after purchasing an additional 4,332,831 shares during the last quarter. Jennison Associates LLC grew its position in shares of Crescent Energy by 234.4% in the 4th quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock valued at $69,914,000 after buying an additional 3,354,362 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Crescent Energy by 55.5% in the fourth quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock valued at $135,316,000 after buying an additional 3,305,833 shares during the period. Finally, State Street Corp increased its position in Crescent Energy by 78.6% during the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after purchasing an additional 2,986,468 shares during the period. 52.11% of the stock is currently owned by institutional investors.

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.