Fifth Third Bancorp Grows Position in Crescent Energy Company $CRGY

Fifth Third Bancorp lifted its position in Crescent Energy Company (NYSE:CRGY) by 2,861.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 115,629 shares of the company’s stock after purchasing an additional 111,724 shares during the period. Fifth Third Bancorp’s holdings in Crescent Energy were worth $1,561,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CRGY. Strs Ohio purchased a new stake in shares of Crescent Energy during the first quarter worth about $32,000. Nomura Asset Management Co. Ltd. increased its holdings in Crescent Energy by 134.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock valued at $33,000 after purchasing an additional 2,286 shares during the period. Quarry LP increased its holdings in Crescent Energy by 303.5% during the 3rd quarter. Quarry LP now owns 4,152 shares of the company’s stock valued at $37,000 after purchasing an additional 3,123 shares during the period. Allworth Financial LP raised its position in Crescent Energy by 42.3% during the 4th quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock valued at $40,000 after purchasing an additional 1,401 shares during the last quarter. Finally, Osaic Holdings Inc. raised its position in Crescent Energy by 25.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock valued at $46,000 after purchasing an additional 1,066 shares during the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Price Performance

Shares of CRGY opened at $11.39 on Friday. The stock has a market cap of $3.76 billion, a PE ratio of -15.19 and a beta of 1.40. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.57 and a current ratio of 0.57. Crescent Energy Company has a fifty-two week low of $7.68 and a fifty-two week high of $14.29. The firm’s 50-day simple moving average is $11.09 and its two-hundred day simple moving average is $11.18.

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

Crescent Energy Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRGY. KeyCorp reiterated an “overweight” rating and issued a $19.00 price objective on shares of Crescent Energy in a research report on Thursday, June 11th. Weiss Ratings downgraded Crescent Energy from a “hold (c)” rating to a “sell (d)” rating in a report on Wednesday, May 6th. Zacks Research lowered Crescent Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. UBS Group assumed coverage on shares of Crescent Energy in a report on Tuesday, July 14th. They issued a “buy” rating and a $13.00 price target on the stock. Finally, Mizuho boosted their price objective on shares of Crescent Energy from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Crescent Energy presently has an average rating of “Moderate Buy” and an average price target of $15.58.

Crescent Energy Company 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.