Key Highlights

  • Crescent Energy (NYSE:CRGY) traded at USD 13.80 on October 26, 2026, down 0.22%, with a market value of USD 5.66 billion, a trailing EPS of negative USD 0.04 and a dividend yield of 3.47% in published market data.
  • Second quarter 2026 production was 335 thousand barrels of oil equivalent per day, about 42% oil, and the company realized USD 96.61 per barrel for oil before derivatives against USD 73.33 after them.
  • Net income was USD 493.7 million, adjusted EBITDAX USD 797.9 million and levered free cash flow USD 417.7 million, while net leverage stood at 1.6 times and net debt at USD 4.901 billion.
  • Full-year 2026 production guidance was lifted to 327 to 335 thousand barrels of oil equivalent per day, and the Permian synergy target after the Vital Energy deal was raised to USD 250 million to USD 300 million.

Why a Negative Trailing EPS Sits Beside a Big Quarter

Crescent Energy reported second quarter net income of USD 493.7 million, yet the trailing EPS shown in published market data is negative USD 0.04. The gap comes from derivative accounting: hedges lose value on paper when crude surges, and earlier quarters carried those marks, while the second quarter included gains. Adjusted net income of USD 263.0 million, or USD 0.69 per share, is a cleaner gauge. Production of 335 thousand barrels of oil equivalent per day included about 140 thousand barrels of oil, and 64% of output was liquids. Brent traded near USD 114.52 on October 26, 2026, so unhedged barrels are priced well above the second quarter realized figure of USD 96.61, which is the core of the oil-up argument.

Hedges, Leverage and the Vital Energy Integration

The gap between USD 96.61 and USD 73.33 per barrel shows the cost of protection. Acquired derivative contracts settled for USD 62.1 million in the quarter, so part of any further oil rally is shared with hedge counterparties. Net debt was USD 4.901 billion, leverage 1.6 times, and liquidity about USD 2.2 billion, expected to be near USD 2.0 billion after the July redemption of USD 259 million of 7.75% notes due 2029. The Permian acquisition of Vital Energy lifted scale, and about USD 190 million of synergies had been captured. Capital spending of USD 284.1 million funded 43 operated wells drilled and 32 brought online, and 2026 development capital is guided at USD 1.325 billion to USD 1.425 billion.

Risks and the Next Date

The quarterly dividend of USD 0.12 per share cost USD 39.6 million, and about USD 336 million remained on the buyback authorization, with no class A repurchases shown in the first half. Risks include hedge drag if prices keep rising, integration execution across a larger Permian footprint, operating costs of USD 13.38 per barrel of oil equivalent and a sharp reversal in crude if Gulf diplomacy succeeds. The company scheduled third quarter results for after the close on November 2, 2026, with a call at 11 a.m. ET on November 3. That report will show how much of the October oil surge reached cash flow and whether synergy and guidance targets rose again.

Where Things Stand

The answer is that Crescent Energy (NYSE:CRGY) trades at USD 13.80 because the market weighs strong second quarter cash flow and a 1.6 times leverage ratio against hedge drag, integration risk and a negative trailing EPS. Oil near USD 100 raises the value of unhedged barrels, but hedges cap part of the benefit. The next catalyst is third quarter reporting on November 2 and November 3.