# Crescent Energy Company (CRGY)

> Source: Nexqual · https://nexqual.com/CRGY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Crescent Energy Company (CRGY), nexqual.com/CRGY" · informational, not investment advice.

**Price:** USD 13.33 (-1.26% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.5 · day 13.12–13.73 · 52w 7.68–15.47 · market cap $5.24B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.31B, net income $54.8M (1.3% margin) (SEC filings).
- Valuation: P/E 95.8x, EV/EBITDA 4.6x, net debt $4.90B.
- Earnings quality: non-operating income -$734M vs operating income $886M over the last four quarters; P/E excluding non-operating income ≈9.9x (estimate: non-operating income taxed at the company's 35% effective rate).
- 2 of 80 tracked superinvestors hold CRGY (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $402M; 2 not under a Rule 10b5-1 plan ($402M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.06 on a 1–5 scale) (17 analysts), mean target USD 18.47 (range 12–22).
- Total return with dividends: 1Y +63.0% vs S&P 500 +14.9%; 5Y +2.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.61, revenue estimate $1.25B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.48B | $3.06B | $2.38B | $2.93B | $3.58B | $4.31B |
| Operating income | $484M | $1.28B | $325M | $218M | $229M | $886M |
| Net income | -$19.4M | $96.7M | $67.6M | -$115M | $133M | $54.8M |
| Operating margin | 32.8% | 42.0% | 13.6% | 7.5% | 6.4% | 20.6% |
| Net margin | -1.3% | 3.2% | 2.8% | -3.9% | 3.7% | 1.3% |
| Revenue growth | +95.8% | +107.0% | -22.1% | +23.0% | +22.1% | — |
| Cash + short-term investments | $129M | $0K | $3.0M | $133M | $10.2M | — |
| Total debt | $1.03B | $1.25B | $1.69B | $3.05B | $5.52B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 95.8x · P/E ex non-operating (est.) ≈9.9x · P/S 1.2x · EV/EBITDA 4.6x · EV/Sales 2.4x · P/B 1.0x · Earnings yield 1.04% · Dividend yield (paid, TTM) 2.67% · Buyback yield (TTM) 0.01% · Net debt $4.90B · EV $10.1B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold CRGY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 4.86% | $20.6M | Added +4.5% |
| Van Den Berg Management I |  | 0.47% | $2.2M | Added +0.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-07 | Liberty Mutual Foundation Inc. |  | 32,600,000 | $402M | 88.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Rowland Marcus C | Director | 40,000 | $530K | 41% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.06 on a 1–5 scale), 17 analysts; mean target USD 18.47 (low 12, high 22).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Scotiabank | Initiated | Sector Outperform | $18 |
| 2026-10-14 | Evercore ISI Group | Target lowered | Outperform | $18 → $17 |
| 2026-10-13 | Wells Fargo | Target raised | Overweight | $19 → $20 |
| 2026-10-12 | UBS | Target lowered | Buy | $19 → $18 |
| 2026-09-17 | Truist Securities | Initiated | Buy | $19 |
| 2026-09-10 | Raymond James | Target raised | Strong Buy | $19 → $20 |
| 2026-09-03 | Seaport Global | Initiated | Sell | $12 |
| 2026-09-02 | Wells Fargo | Target lowered | Overweight | $24 → $19 |
| 2026-08-13 | Wells Fargo | Target raised | Overweight | $18 → $24 |
| 2026-08-06 | UBS | Target raised | Buy | $13 → $14 |
| 2026-08-04 | Mizuho | Target raised | Neutral | $15 → $16 |
| 2026-08-04 | Stephens & Co. | Target raised | Overweight | $17 → $18 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-12-06) |
|---|---|---|
| Total return | +63.0% | +2.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +63.3% | +0.5% |
| Volatility (annualized) | 47.3% | 51.0% |
| Max drawdown | -33.7% (May 2026→Jul 2026) | -53.7% (Apr 2022→Apr 2025) |

## Peers (Oil & Gas E&P)
CRC (California Resources Corporatio) USD 52.96 -1.08% · CRK (Comstock Resources, Inc.) USD 13.97 +1.45% · BTE (Baytex Energy Corp) USD 5.32 -1.48% · CNX (CNX Resources Corporation) USD 35.73 +1.62% · MUR (Murphy Oil Corporation) USD 42.37 -1.37% · BSM (Black Stone Minerals, L.P.) USD 14.71 +0.82%

## More
Full page: https://nexqual.com/CRGY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CRGY's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1866175/000186617526000026/crgy-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Crescent Energy OpCo | "•Our only principal asset is our interest in OpCo; accordingly, we depend on distributions and other payments from OpCo to pay taxes, make payments under the Management Agreement and cover our corporate and other overhea…" |
| Partner | Ford (F) | "This includes a 12.0% interest in the Springfield Gathering System in the Eagle Ford Shale in Dimmit, La Salle and Webb Counties of southeast Texas, which is operated by Western Midstream Partners, LP (NYSE: WES) and inc…" |

Other companies that name CRGY in their own reports (relationship from CRGY's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | Bullish (BLSH) | 20-F 2026-03-10 | "The purpose of the audit committee is, among other things, to appoint, retain, set compensation of, and supervise our independent accountants, review and approve related party transactions in accordan…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Oil | $1.23B | 87.9% | +103.6% |
| Natural gas liquids | $129.4M | 9.3% | +31.8% |
| Natural gas | $33.8M | 2.4% | -78.8% |
| Midstream and other | $5.0M | 0.4% | -87.0% |
| Total revenue | $1.39B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 21.4%, 13.5%, 11.7% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.61 | $0.54 | +11.9% | $1.25B | 14 |
| Next quarter (ends 2026-12-31) | $0.62 | $0.56 | +10.6% | $1.33B | 12 |
| Current fiscal year (ends 2026-12-31) | $2.45 | $2.23 | +9.9% | $5.08B | 15 |
| Next fiscal year (ends 2027-12-31) | $2.90 | $2.21 | +31.2% | $6.21B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±11.4%; last 8 reports averaged ±3.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 55.5% | ±11.4% |
| 2026-12-18 | 56 | 50.8% | ±16.8% |
| 2027-01-15 | 84 | 50.7% | ±20.1% |
| 2027-04-16 | 175 | 49.3% | ±26.5% |