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

Bank of New York Mellon Corp boosted its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,435,708 shares of the company's stock after acquiring an additional 173,832 shares during the period. Bank of New York Mellon Corp owned 3.65% of Crescent Energy worth $106,057,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in CRGY. Proficio Capital Partners LLC bought a new stake in Crescent Energy in the fourth quarter valued at $244,000. Jones Financial Companies Lllp lifted its position in Crescent Energy by 206.7% during the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock valued at $52,000 after buying an additional 2,377 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Crescent Energy by 25.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,984,820 shares of the company's stock valued at $28,998,000 after buying an additional 398,555 shares during the period. Victory Capital Management Inc. lifted its position in Crescent Energy by 6.7% during the fourth quarter. Victory Capital Management Inc. now owns 756,002 shares of the company's stock valued at $11,045,000 after buying an additional 47,797 shares during the period. Finally, M&T Bank Corp purchased a new position in Crescent Energy during the fourth quarter valued at $683,000. Institutional investors own 52.11% of the company's stock.

Crescent Energy Stock Performance

NYSE:CRGY traded down $0.03 during mid-day trading on Friday, reaching $9.26. The company's stock had a trading volume of 2,048,405 shares, compared to its average volume of 3,450,361. Crescent Energy Company has a 12-month low of $6.83 and a 12-month high of $16.94. The firm's fifty day moving average price is $8.97 and its two-hundred day moving average price is $11.20. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.10. The stock has a market cap of $2.36 billion, a P/E ratio of -20.58 and a beta of 1.74.

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

Crescent Energy Announces Dividend

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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 5.18%. The ex-dividend date of this dividend was Monday, May 19th. Crescent Energy's dividend payout ratio (DPR) is -106.67%.

Analyst Ratings Changes

CRGY has been the subject of several recent research reports. Raymond James Financial reissued a "strong-buy" rating and set a $18.00 price objective (down previously from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. Piper Sandler initiated coverage on Crescent Energy in a research report on Monday, June 9th. They set an "overweight" rating and a $14.00 price objective for the company. KeyCorp lowered their price objective on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Mizuho lowered their price objective on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company lowered their price objective on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.