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what it is
Crescent pumps and sells oil and gas, then uses acquisitions and dividends to keep cash coming back.
how it gets paid
Last year Crescent Energy made $3.6B in revenue.
why it's growing
Revenue grew 22.1% last year. Revenue was up 213% vs. prior year. The bigger number came with a negative bottom line.
what just happened
Crescent posted $2.7B of revenue last quarter, while EPS landed at -$0.04.
At a glance
C++ balance sheet — some cracks in the foundation
39.7x trailing p/e — you're paying up for this one
4.0% dividend yield — cash in your pocket every quarter
1.7% return on capital — nothing to write home about
-$0.02 fy2024 eps est
xvary composite: 33/100 — weak
What they do
Crescent pumps and sells oil and gas, then uses acquisitions and dividends to keep cash coming back.
Proved reserves → oil and gas already counted as recoverable → 709.3 net MMBoe gives Crescent years of output. That keeps your cash flow steadier than a one-basin wildcatter. But return on capital is 1.7%, so each dollar still works like it overslept.
How they make money
$3.6B
annual revenue · their business grew +22.1% last year
total revenue
$3.6B
+22.1%
The products that matter
sells produced crude oil
Oil Sales
$2.2B · 61% of revenue
this is the core cash engine at $2.2B, and its 61% share of revenue means the stock still lives and dies with oil pricing.
majority of revenue
sells gas and liquids
Natural Gas & NGLs
$1.4B · 39% of revenue
this $1.4B stream grew 28% last year, faster than oil, which matters if management wants a more balanced production mix.
faster growth
acquired operated acreage
Permian Basin Assets
$3.1B deal center
these assets sit at the center of the $3.1B Vital Energy acquisition, so their performance is the difference between a smart consolidation move and an expensive cleanup job.
integration watch
Key numbers
$3.6B
annual revenue
That is almost the size of the company’s market value, so you are not paying for a tiny asset base.
709.3 MMBoe
proved reserves
That is the oil-and-gas inventory already counted in the ground, which supports years of production.
45.0%
debt share
That much of capital is tied to debt, so the balance sheet has less room to absorb bad commodity prices.
1.7%
return on capital
That says each dollar invested earns a thin return, so growth has to be very selective.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 25 / 100
- long-term debt $3.2B (45% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for CRGY right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Crescent posted $2.7B of revenue last quarter, while EPS landed at -$0.04.
Revenue was up 213% vs. prior year. The bigger number came with a negative bottom line, so the market still cares more about cash than the headline.
$2.7B
revenue
-$0.04
eps
213%
sales growth
the number that mattered
The $2.7B quarter mattered because it was 213% above last year, but EPS was still negative at -$0.04.
source: company earnings report, 2026
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What could go wrong
the top risk is integrating the $3.1B Vital Energy acquisition while carrying $3.2B of long-term debt.
high
Vital Energy integration
the deal closed in q1 2026. if the acquired assets do not hold production, costs, or cash generation, the entire roll-up thesis weakens fast.
a bad integration would hit the reason investors are paying 39.7x trailing earnings in the first place.
high
debt burden and refinancing pressure
crescent already carries $3.2B in long-term debt, equal to 45% of capital, and added $600M of 2.75% converts due 2031.
if commodity prices soften or asset sales stall, leverage goes from manageable to the whole problem.
med
asset-sale execution
management has a $1B non-core divestiture plan and has already closed more than $900M. the obvious question is whether the last stretch gets done at good prices.
if the disposal program slips, deleveraging slows and the balance sheet stays tight for longer.
med
commodity and reserve sensitivity
$2.2B of revenue comes from oil sales and $1.4B from gas and NGLs. underground reserve values and borrowing capacity move with those prices.
lower realized prices can pressure asset values, cash flow, and lender confidence at the same time.
this risk stack sits against a $3.1B acquisition, $3.2B of long-term debt, a $600M convert, and a $1B asset-sale plan. that is a lot of moving parts for a $4B company.
source: institutional data · regulatory filings · risk analysis
Pay attention to
balance sheet
the last stretch of the $1B divestiture plan
more than $900M has already been closed. finishing the plan is the cleanest path to getting debt pressure down without asking the market for more patience.
operations
2026 flat production target
flat production does not sound exciting. for an acquisition-led E&P, it is proof that the asset base is being held together while management works on leverage.
timeline
post-close integration updates
the deal is closed. the next updates should tell you whether the Vital assets are tracking to plan or already asking for more capital than advertised.
capital structure
$600M converts and future dilution
2.75% money is cheap. it also creates a new layer of complexity if the stock rises enough for conversion to become relevant.
Analyst rankings
earnings outlook
loss expected
fy2024 EPS estimate is -$0.02. in human-speak, analysts think the acquisition story needs more time before it shows up in net earnings.
financial safety
below average
C++ balance sheet grade and risk rank 4 mean this sits in the riskier part of the market.
income appeal
4.0% yield
the payout adds income, but it competes with debt service and integration spending for the same dollars.
source: institutional data
Institutional activity
institutional ownership data for CRGY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$8
current price
n/a
target midpoint · n/a from current
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