Crescent Energy (CRGY) To Report Earnings Tomorrow: Here Is What To Expect
Oil and gas producer Crescent Energy (NYSE:CRGY) will be reporting results this Monday afternoon. Here’s what to expect.
Crescent Energy met analysts’ revenue expectations last quarter, reporting revenues of $1.18 billion, up 24.5% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates. It reported year-on-year oil production per day growth of 37.3%.
Is Crescent Energy a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Crescent Energy’s revenue to grow 46.1% year on year, improving from the 37.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Crescent Energy has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Crescent Energy’s peers in the upstream & integrated segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Cactus delivered year-on-year revenue growth of 64.3%, beating analysts’ expectations by 12.3%, and World Kinect reported revenues up 50.3%, topping estimates by 27.7%. Cactus traded up 18.5% following the results while World Kinect was also up 5.2%.
Read our full analysis of Cactus’s results here and World Kinect’s results here.
There has been positive sentiment among investors in the upstream & integrated segment, with share prices up 7% on average over the last month. Crescent Energy is up 25.6% during the same time and is heading into earnings with an average analyst price target of $15.87 (compared to the current share price of $11.63).
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