Allworth Financial LP Buys New Holdings 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 have also added to or reduced their stakes in CRGY. Mraz Amerine & Associates Inc. lifted its stake in Crescent Energy by 4.9% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 165,868 shares of the company’s stock worth $1,848,000 after purchasing an additional 7,720 shares in the last quarter. Bank of New York Mellon Corp grew its position 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 purchasing an additional 173,832 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Crescent Energy by 7.4% in the first quarter. Principal Financial Group Inc. now owns 910,171 shares of the company’s stock worth $10,230,000 after purchasing an additional 62,622 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Crescent Energy in the first quarter worth about $290,000. Finally, Peregrine Capital Management LLC lifted its position in shares of Crescent Energy by 7.3% in the first quarter. Peregrine Capital Management LLC now owns 399,524 shares of the company’s stock worth $4,491,000 after buying an additional 27,128 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Crescent Energy Stock Up 3.4%

Shares of CRGY opened at $8.72 on Friday. 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 fifty day moving average of $8.99 and a 200 day moving average of $11.02. The company has a market cap of $2.23 billion, a PE ratio of -19.38 and a beta of 1.74. Crescent Energy Company has a 52-week low of $6.83 and a 52-week high of $16.94.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.09. Crescent Energy had a negative net margin of 2.88% and a positive return on equity of 14.21%. The firm had revenue of $950.17 million during the quarter, compared to analyst estimates of $937.55 million. On average, sell-side analysts expect that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 5.50%. The ex-dividend date of this dividend was Monday, May 19th. Crescent Energy’s payout ratio is currently -106.67%.

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.