Oil and gas producer Crescent Energy (NYSE: CRGY) will be reporting earnings this Monday after market close. Here’s what you need to know.
Crescent Energy beat analysts’ revenue expectations last quarter, reporting revenues of $865 million, down 1.2% year on year. It was a mixed quarter for the company, with a beat of analysts’ EPS estimates but a significant miss of analysts’ EBITDA estimates. It reported 106,000 oil production per day, up 8.2% year on year.
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 25% year on year, slowing from the 44.5% increase it recorded in the same quarter last year.
Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing in majority upward revisions over the last 30 days. 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 Q1 results, giving us a hint as to what we can expect. Northern Oil and Gas’s revenues decreased 11.1% year on year, beating analysts’ expectations by 3.1%, and CNX Resources reported revenues up 67.1%, topping estimates by 44.1%. Northern Oil and Gas traded up 1.4% following the results while CNX Resources was down 3.7%.
Read our full analysis of Northern Oil and Gas’s results here and CNX Resources’s results here.
There has been positive sentiment among investors in the upstream & integrated segment, with share prices up 4.1% on average over the last month. Crescent Energy’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $16.64 (compared to the current share price of $13.54).
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