Bridgeway Capital Management LLC Sells 276,098 Shares of Crescent Energy Company $CRGY

Key Points

• Bridgeway Capital Management reduced its Crescent Energy stake by 15% in the fourth quarter, selling 276,098 shares and leaving it with 1,566,328 shares worth about $13.1 million.
• Crescent Energy reported strong quarterly results, with EPS of $0.53 beating estimates of $0.39 and revenue of $1.18 billion, up 24.5% year over year.
• The company also paid a quarterly dividend of $0.12 per share, equal to a 4.5% annualized yield, while analysts currently rate the stock a Moderate Buy with a consensus price target of $16.00.

Bridgeway Capital Management LLC cut its holdings in Crescent Energy Company (NYSE:CRGY - Free Report) by 15.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,566,328 shares of the company's stock after selling 276,098 shares during the period. Bridgeway Capital Management LLC owned 0.62% of Crescent Energy worth $13,141,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CRGY. Royal Bank of Canada increased its stake in shares of Crescent Energy by 16.1% in the first quarter. Royal Bank of Canada now owns 58,900 shares of the company's stock worth $662,000 after purchasing an additional 8,173 shares during the period. AQR Capital Management LLC increased its stake in shares of Crescent Energy by 8.9% in the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company's stock worth $192,000 after purchasing an additional 1,397 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Crescent Energy by 6.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,670 shares of the company's stock worth $1,109,000 after purchasing an additional 6,184 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Crescent Energy by 42.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company's stock worth $44,616,000 after purchasing an additional 1,174,576 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Crescent Energy by 32.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 244,456 shares of the company's stock worth $2,748,000 after purchasing an additional 59,199 shares during the period. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Trading Down 0.3%

Shares of CRGY opened at $10.78 on Thursday. Crescent Energy Company has a 12-month low of $7.68 and a 12-month high of $14.29. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of -14.38 and a beta of 1.37. The stock's 50-day moving average price is $12.45 and its 200 day moving average price is $10.96.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.14. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the company posted $0.57 earnings per share. The company's quarterly revenue was up 24.5% compared to the same quarter last year. As a group, research analysts predict that Crescent Energy Company will post 1.99 earnings per share for the current year.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Monday, May 18th. Crescent Energy's payout ratio is presently -64.00%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRGY. William Blair reiterated an "outperform" rating on shares of Crescent Energy in a research note on Friday, March 6th. Weiss Ratings lowered Crescent Energy from a "hold (c)" rating to a "sell (d)" rating in a research note on Wednesday, May 6th. Mizuho boosted their price target on Crescent Energy from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Wednesday, May 27th. Stephens restated an "overweight" rating and set a $18.00 price target on shares of Crescent Energy in a research note on Tuesday, May 5th. Finally, Piper Sandler boosted their price target on Crescent Energy from $14.00 to $16.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $16.00.

Crescent Energy 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.

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