Crescent Energy Company (NYSE:CRGY) is one of the 10 Stocks Investors Are Dumping Right Now.
Crescent Energy snapped a three-day winning streak on Wednesday, shedding 6.79 percent to close at $12.77 apiece, after oil prices plunged sharply following the US and Iran’s two-week ceasefire.
Crescent Energy Company declined alongside its counterparts, namely PBF Energy, Venture Global, and Sasol Ltd., among others, mimicking the steep drop in oil prices in early trading on Wednesday after US President Donald Trump announced a two-week ceasefire with Iran.
For illustration purposes only. Photo by Tom Fisk on Pexels
Under Washington’s condition, Iran must open the Strait of Hormuz—a critical waterway passage for 20 percent of global crude oil demand.
The strait was ordered shut under Iranian control since the war began in February, and sent prices of crude oil soaring.
However, oil companies benefited from the surging oil prices for weeks, as increased prices may translate to higher profit margins.
Founded in 2020, Crescent Energy Company is a US-based independent oil and gas company that focuses on acquiring and operating a diversified portfolio of low-decline assets.
Last week, investment firm Raymond James maintained a “strong buy” recommendation for its stock, while raising its price target by 27 percent to $19 from $15 previously.
The figure marked a 49 percent upside potential from its latest closing price.
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