Allworth Financial LP Takes $34,000 Position in Crescent Energy Company (NYSE:CRGY)

Allworth Financial LP purchased a new position in Crescent Energy Company (NYSE:CRGY) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,002 shares of the company’s stock, valued at approximately $34,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Crescent Energy by 26.4% during the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock valued at $303,150,000 after purchasing an additional 4,332,831 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Crescent Energy by 12.7% during the fourth quarter. American Century Companies Inc. now owns 12,700,925 shares of the company’s stock valued at $185,561,000 after buying an additional 1,436,084 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Crescent Energy by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 9,435,708 shares of the company’s stock valued at $106,057,000 after buying an additional 173,832 shares during the last quarter. Woodline Partners LP increased its position in shares of Crescent Energy by 21.9% during the fourth quarter. Woodline Partners LP now owns 4,767,362 shares of the company’s stock valued at $69,651,000 after acquiring an additional 856,963 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Crescent Energy by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,933,622 shares of the company’s stock worth $57,469,000 after acquiring an additional 129,804 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Trading Up 3.4%

Crescent Energy stock opened at $8.72 on Friday. Crescent Energy Company has a 52-week low of $6.83 and a 52-week high of $16.94. The company has a market cap of $2.23 billion, a P/E ratio of -19.38 and a beta of 1.74. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.10. The business has a 50-day simple moving average of $8.99 and a two-hundred day simple moving average of $11.02.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.09. The company had revenue of $950.17 million for the quarter, compared to the consensus estimate of $937.55 million. Crescent Energy had a negative net margin of 2.88% and a positive return on equity of 14.21%. Analysts predict that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.50%. The ex-dividend date was Monday, May 19th. Crescent Energy’s dividend payout ratio is presently -106.67%.

Wall Street Analysts Forecast Growth

CRGY has been the topic of several recent analyst reports. Mizuho cut their target price on Crescent Energy from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. Piper Sandler increased their price objective on Crescent Energy from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday. Raymond James Financial reiterated a “strong-buy” rating and issued a $18.00 price objective (down from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Wells Fargo & Company lowered their target price on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, June 16th. Finally, KeyCorp dropped their price target on shares of Crescent Energy from $18.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Crescent Energy presently has an average rating of “Moderate Buy” and a consensus target price of $16.10.

About Crescent Energy

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.