KeyCorp Has Strong Estimate for Crescent Energy Q3 Earnings

Crescent Energy (NYSE:CRGY) – Stock analysts at KeyCorp lifted their Q3 2024 earnings per share estimates for shares of Crescent Energy in a research report issued to clients and investors on Thursday, October 17th. KeyCorp analyst T. Rezvan now forecasts that the company will post earnings per share of $0.65 for the quarter, up from their previous estimate of $0.37. KeyCorp currently has a “Strong-Buy” rating on the stock. The consensus estimate for Crescent Energy’s current full-year earnings is $1.28 per share. KeyCorp also issued estimates for Crescent Energy’s FY2024 earnings at $2.09 EPS, FY2025 earnings at $3.34 EPS, Q1 2026 earnings at $0.86 EPS, Q2 2026 earnings at $0.73 EPS, Q3 2026 earnings at $0.76 EPS and FY2026 earnings at $3.29 EPS.

Several other equities analysts have also issued reports on CRGY. Mizuho dropped their price objective on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Evercore ISI restated an “outperform” rating and set a $17.00 target price on shares of Crescent Energy in a research report on Tuesday, September 24th. JPMorgan Chase & Co. initiated coverage on Crescent Energy in a report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective for the company. Wolfe Research started coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price target on the stock. Finally, Truist Financial dropped their price objective on Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Crescent Energy currently has a consensus rating of “Buy” and a consensus target price of $16.10.

Crescent Energy Price Performance

Crescent Energy stock opened at $12.30 on Monday. The stock has a market cap of $2.18 billion, a P/E ratio of -61.50 and a beta of 2.19. The company has a fifty day simple moving average of $11.60 and a 200-day simple moving average of $11.72. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $13.85.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The company had revenue of $653.28 million during the quarter, compared to analysts’ expectations of $619.00 million.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date was Monday, August 19th. Crescent Energy’s dividend payout ratio is presently -240.00%.

Insider Activity at Crescent Energy

In related news, Director Michael Duginski purchased 9,344 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the acquisition, the director now owns 201,081 shares in the company, valued at approximately $2,135,480.22. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have acquired 12,294 shares of company stock worth $131,297. 13.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Crescent Energy by 13.9% during the first quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock worth $110,775,000 after purchasing an additional 1,137,367 shares in the last quarter. American Century Companies Inc. lifted its holdings in Crescent Energy by 444.8% in the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after buying an additional 6,348,598 shares in the last quarter. Marshall Wace LLP boosted its position in Crescent Energy by 286.7% in the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after buying an additional 2,098,303 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Crescent Energy by 85.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company’s stock valued at $31,477,000 after acquiring an additional 1,226,027 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its position in shares of Crescent Energy by 63.0% during the first quarter. Bridgeway Capital Management LLC now owns 1,590,748 shares of the company’s stock worth $18,930,000 after acquiring an additional 614,969 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

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.