Crescent Energy (NYSE:CRGY) Hits New 1-Year Low – Should You Sell?

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

Analysts Set New Price Targets

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

Crescent Energy Stock Down 17.2 %

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 has a fifty day simple moving average of $13.12 and a two-hundred day simple moving average of $13.50. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 14.94 and a beta of 2.18.

Crescent Energy Announces Dividend

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

Insiders Place Their Bets

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

Institutional Trading of Crescent Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio grew its holdings in 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 grew its stake in shares of Crescent Energy by 206.7% during the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after purchasing an additional 2,377 shares during the last quarter. Quarry LP increased its holdings in shares of 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 holdings 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, Zacks Investment Management bought a new position in Crescent Energy in the 3rd quarter worth approximately $121,000. 52.11% of the stock is currently owned by institutional investors and hedge funds.

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.