Crescent Energy (CRGY) Soars 16.17% as Oil Prices Climb on Russia-Ukraine Spat

We recently published 10 Big Names With Explosive Gains That Investors Can’t Ignore. Crescent Energy Company (NYSE:CRGY) is one of the companies that soared by double- and triple-digits last week.

Crescent Energy grew its share prices by 16.17 percent week-on-week as investors poured funds into oil and gas companies amid growing tensions between Russia and Ukraine that raised expectations for supply cuts and higher prices.

On Friday, prices of Brent crude grew by 1.02 percent to $70.13 per barrel, while the West Texas Intermediate jumped by 1.14 percent to $65.72 after Ukraine attacked Russia’s energy infrastructure, cutting the country’s fuel exports.

Crescent Energy Company (NYSE:CRGY) jumped alongside its counterparts following the news.

In other developments, Crescent Energy Company (NYSE:CRGY) is targeting to close its planned $3.1 billion merger with Vital Energy by the end of the year.

Last month, Crescent Energy Company (NYSE:CRGY) announced that it entered into a definitive agreement to merge with Vital Energy, Inc. (NYSE:VTLE) for an all-stock transaction, inclusive of its net debt.

Under the terms, VTLE shareholders will receive an equivalent of 1.9062 CRGY common shares for every stock they own.

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Disclosure: None. This article is originally published at Insider Monkey.