Crescent Energy Company (NYSE:CRGY) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its holdings in Crescent Energy Company (NYSE:CRGY - Free Report) by 1.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,435,708 shares of the company's stock after buying an additional 173,832 shares during the quarter. Bank of New York Mellon Corp owned 3.65% of Crescent Energy worth $106,057,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CRGY. Vanguard Group Inc. raised its position in shares of Crescent Energy by 26.4% in the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company's stock valued at $303,150,000 after buying an additional 4,332,831 shares during the last quarter. American Century Companies Inc. grew its stake in Crescent Energy by 12.7% during the 4th quarter. American Century Companies Inc. now owns 12,700,925 shares of the company's stock valued at $185,561,000 after acquiring an additional 1,436,084 shares in the last quarter. Woodline Partners LP raised its holdings in Crescent Energy by 21.9% in the 4th quarter. Woodline Partners LP now owns 4,767,362 shares of the company's stock valued at $69,651,000 after acquiring an additional 856,963 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Crescent Energy by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,933,622 shares of the company's stock worth $57,469,000 after purchasing an additional 129,804 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Crescent Energy by 13.8% in the fourth quarter. Geode Capital Management LLC now owns 3,818,765 shares of the company's stock valued at $55,806,000 after purchasing an additional 464,065 shares in the last quarter. 52.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company dropped their price target on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Raymond James Financial restated a "strong-buy" rating and set a $18.00 price target (down previously from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. KeyCorp decreased their price objective on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Piper Sandler began coverage on Crescent Energy in a research report on Monday, June 9th. They issued an "overweight" rating and a $14.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Crescent Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.00.

Crescent Energy Trading Up 1.5%

NYSE CRGY traded up $0.14 on Thursday, reaching $9.30. The stock had a trading volume of 2,676,349 shares, compared to its average volume of 3,435,812. 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 stock has a fifty day moving average price of $8.94 and a two-hundred day moving average price of $11.28. Crescent Energy Company has a 12-month low of $6.83 and a 12-month high of $16.94. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -20.67 and a beta of 1.74.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.56 earnings per share for the quarter, beating 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 analysts' expectations of $937.55 million. As a group, sell-side analysts forecast that Crescent Energy Company will post 0.77 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The company 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 annualized dividend and a yield of 5.16%. The ex-dividend date of this dividend was Monday, May 19th. Crescent Energy's dividend 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.