How are energy investors positioned?
In a recent stock transaction, Brandi Kendall, the Chief Financial Officer of Crescent Energy Co (NYSE:CRGY), acquired 932 shares of the company’s Class A common stock. The shares were purchased on March 17 at a price of $11.05 each, amounting to a total transaction value of $10,298. Following this acquisition, Kendall holds a total of 23,347 shares in the company. The stock, which currently trades at $11.72, has shown strong momentum with a 9.19% gain over the past week. The $2.89 billion energy company offers a 4.1% dividend yield, and analysts have set price targets ranging from $12 to $21. According to InvestingPro analysis, net income is expected to grow this year, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, Crescent Energy reported its fourth-quarter 2024 earnings, surpassing expectations with an earnings per share (EPS) of $1.08, significantly higher than the forecasted $0.4616. However, the company’s revenue came in at $875.29 million, slightly below the expected $896.62 million. Crescent Energy maintained strong cash flow, generating approximately $260 million in free cash flow and reporting $535 million in adjusted EBITDA. The company also announced a dividend of $0.12 per share. Raymond (NSE:RYMD) James has maintained a Strong Buy rating on Crescent Energy, though it reduced the stock’s price target from $23.00 to $18.00, citing a decline in oil prices and a strategic shift in capital expenditure. Crescent Energy completed the acquisition of Ridgemar Energy and made operational advancements in the Eagle Ford and Uinta regions. Analysts at Raymond James noted that Crescent Energy is trading at one of the lowest multiples in their coverage universe, with a 2.7x enterprise value to EBITDA ratio. Despite the revenue miss, Crescent Energy’s strategic focus on free cash flow generation and asset acquisitions is expected to continue into 2025.
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