Bank of New York Mellon Corp Reduces Stock Holdings in Crescent Energy Company $CRGY

Bank of New York Mellon Corp trimmed its holdings in shares of Crescent Energy Company (NYSE:CRGY) by 41.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,265,471 shares of the company’s stock after selling 3,076,753 shares during the quarter. Bank of New York Mellon Corp owned 1.30% of Crescent Energy worth $57,584,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Wolverine Asset Management LLC purchased a new stake in Crescent Energy during the 4th quarter valued at about $860,000. Legal & General Group Plc lifted its stake in Crescent Energy by 27.5% in the 4th quarter. Legal & General Group Plc now owns 585,827 shares of the company’s stock worth $4,915,000 after purchasing an additional 126,330 shares in the last quarter. Vanguard Group Inc. lifted its stake in Crescent Energy by 34.6% in the 4th quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock worth $228,981,000 after purchasing an additional 7,015,982 shares in the last quarter. McAlvany Wealth Management LLC acquired a new position in shares of Crescent Energy during the 4th quarter worth approximately $1,130,000. Finally, Pickering Energy Partners LP boosted its holdings in shares of Crescent Energy by 5,373.0% during the 4th quarter. Pickering Energy Partners LP now owns 2,189,194 shares of the company’s stock worth $18,367,000 after purchasing an additional 2,149,194 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Raymond James Financial dropped their price target on Crescent Energy from $20.00 to $18.00 and set a “strong-buy” rating for the company in a research report on Thursday, June 18th. KeyCorp reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Crescent Energy in a research note on Thursday, June 11th. Weiss Ratings lowered Crescent Energy from a “hold (c)” rating to a “sell (d)” rating in a report on Wednesday, May 6th. Zacks Research cut shares of Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Mizuho upped their price objective on shares of Crescent Energy from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $15.58.

Crescent Energy Trading Up 0.1%

CRGY opened at $11.39 on Friday. Crescent Energy Company has a 52 week low of $7.68 and a 52 week high of $14.29. The business has a fifty day simple moving average of $11.09 and a 200-day simple moving average of $11.18. The firm has a market cap of $3.76 billion, a P/E ratio of -15.19 and a beta of 1.40. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, May 4th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.14. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the business posted $0.57 EPS. Crescent Energy’s revenue for the quarter was up 24.5% on a year-over-year basis. On average, equities analysts expect that Crescent Energy Company will post 1.77 earnings per share for the current year.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $0.12 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.48 annualized dividend and a dividend yield of 4.2%. Crescent Energy’s payout ratio is -64.00%.

Crescent Energy Profile

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.