Bank of America Corp DE Buys 2,307,971 Shares of Crescent Energy Company $CRGY

Key Points

• Bank of America increased its Crescent Energy stake by 308.2% in the first quarter, purchasing 2.31 million additional shares for a total holding of 3.06 million shares valued at approximately $41.3 million.
• Institutional ownership remains significant at 52.11%, with Vanguard, State Street, Geode Capital and other major investors also expanding their positions in Crescent Energy.
• Crescent Energy reported quarterly EPS of $0.69, beating estimates of $0.59, while revenue rose 55.3% year over year to $1.39 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $16.33, and the company declared a quarterly dividend of $0.12 per share.

Bank of America Corp DE increased its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 308.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,056,820 shares of the company's stock after buying an additional 2,307,971 shares during the quarter. Bank of America Corp DE owned about 0.93% of Crescent Energy worth $41,267,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRGY. Kohlberg Kravis Roberts & Co. L.P. lifted its position in Crescent Energy by 7.1% during the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company's stock worth $386,847,000 after acquiring an additional 1,897,230 shares during the period. Vanguard Group Inc. increased its holdings in shares of Crescent Energy by 34.6% in the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company's stock valued at $228,981,000 after purchasing an additional 7,015,982 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Crescent Energy by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,171,033 shares of the company's stock valued at $177,810,000 after purchasing an additional 298,818 shares in the last quarter. State Street Corp grew its position in shares of Crescent Energy by 27.6% during the fourth quarter. State Street Corp now owns 12,808,605 shares of the company's stock worth $107,464,000 after buying an additional 2,767,096 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Crescent Energy by 29.0% in the 4th quarter. Geode Capital Management LLC now owns 5,592,793 shares of the company's stock valued at $46,935,000 after purchasing an additional 1,256,114 shares during the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRGY has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their target price on Crescent Energy from $18.00 to $24.00 and gave the company an "overweight" rating in a report on Thursday. Mizuho lifted their target price on Crescent Energy from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. KeyCorp reissued an "overweight" rating and set a $19.00 price target on shares of Crescent Energy in a research report on Thursday, June 11th. Morgan Stanley lowered Crescent Energy to an "underweight" rating in a research note on Monday, August 3rd. Finally, Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Crescent Energy has a consensus rating of "Moderate Buy" and a consensus target price of $16.33.

Crescent Energy Stock Down 0.9%

NYSE:CRGY opened at $11.95 on Friday. The business's fifty day moving average price is $10.72 and its 200 day moving average price is $11.51. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of -238.91 and a beta of 1.41. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00. Crescent Energy Company has a 1-year low of $7.68 and a 1-year high of $14.29.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.26 billion. The firm's revenue was up 55.3% compared to the same quarter last year. On average, sell-side analysts forecast that Crescent Energy Company will post 2.07 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $0.48 annualized dividend and a yield of 4.0%. Crescent Energy's dividend payout ratio is currently -960.00%.

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.

Want to see what other hedge funds are holding CRGY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crescent Energy Company (NYSE:CRGY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source