Bank of New York Mellon Corp Grows Stock Position in Crescent Energy Company (NYSE:CRGY)

Bank of New York Mellon Corp lifted its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 1.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,435,708 shares of the company's stock after purchasing an additional 173,832 shares during the period. Bank of New York Mellon Corp owned about 3.65% of Crescent Energy worth $106,057,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRGY. Public Employees Retirement System of Ohio lifted its holdings in Crescent Energy by 35.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock worth $40,000 after buying an additional 705 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock worth $52,000 after buying an additional 2,377 shares during the last quarter. Quarry LP lifted its holdings in Crescent Energy by 263.4% during the 4th quarter. Quarry LP now owns 4,353 shares of the company's stock worth $64,000 after buying an additional 3,155 shares during the last quarter. KBC Group NV purchased a new stake in Crescent Energy during the 1st quarter worth about $117,000. Finally, Paloma Partners Management Co purchased a new stake in Crescent Energy during the 4th quarter worth about $146,000. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Stock Performance

Shares of CRGY stock opened at $9.17 on Thursday. The stock has a market capitalization of $2.34 billion, a PE ratio of -20.38 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. The stock's 50-day moving average price is $8.94 and its 200 day moving average price is $11.28. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.10.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.09. The firm had revenue of $950.17 million for the quarter, compared to analysts' expectations of $937.55 million. Crescent Energy had a positive return on equity of 14.21% and a negative net margin of 2.88%. As a group, equities research analysts forecast that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.23%. The ex-dividend date was Monday, May 19th. Crescent Energy's payout ratio is -106.67%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Piper Sandler assumed coverage on Crescent Energy in a report on Monday, June 9th. They set an "overweight" rating and a $14.00 price target for the company. Mizuho reduced their target price on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Wells Fargo & Company reduced their target price on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Monday, June 16th. KeyCorp reduced their target price on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, JPMorgan Chase & Co. reduced their target price on Crescent Energy from $18.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Crescent Energy has a consensus rating of "Moderate Buy" and an average target price of $16.00.

Crescent Energy Profile

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.

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