Crescent Energy (NYSE:CRGY) Hits New 12-Month Low – Time to Sell?

Crescent Energy (NYSE:CRGY)’s share price reached a new 52-week low during mid-day trading on Thursday . The stock 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.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CRGY shares. Truist Financial boosted their price objective on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Wells Fargo & Company dropped their price target on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, March 24th. Stephens reaffirmed an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a research note on Monday, March 3rd. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research report on Wednesday, March 5th. Finally, Mizuho increased their price target on Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.09.

Crescent Energy Price Performance

The company has a 50 day moving average of $13.12 and a 200 day moving average of $13.50. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 14.94 and a beta of 2.18.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.18%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s dividend payout ratio is currently -69.57%.

Insider Activity at Crescent Energy

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

Institutional Investors Weigh In On Crescent Energy

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