Bridgeway Capital Management LLC Has $19.20 Million Stock Position in Crescent Energy Company $CRGY

Key Points

• Bridgeway Capital Management LLC sold 54,826 shares of Crescent Energy Company, reducing its stake in the company by 3.1%, and now holds approximately 1.7 million shares which represents 0.5% of its overall portfolio.
• Despite this sale, Crescent Energy's stock experienced a 3.8% increase, reaching $9.91, while the company reported earnings of $0.43 per share, significantly exceeding analysts' expectations.
• The company declared a quarterly dividend of $0.12, resulting in an annualized yield of 4.8%, although its payout ratio is currently noted as -266.67%.

Bridgeway Capital Management LLC decreased its position in Crescent Energy Company (NYSE:CRGY - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,708,554 shares of the company's stock after selling 54,826 shares during the quarter. Crescent Energy accounts for approximately 0.5% of Bridgeway Capital Management LLC's holdings, making the stock its 26th biggest holding. Bridgeway Capital Management LLC owned approximately 0.67% of Crescent Energy worth $19,204,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Nuveen LLC bought a new stake in Crescent Energy during the 1st quarter worth approximately $21,782,000. Alyeska Investment Group L.P. boosted its holdings in Crescent Energy by 452.3% during the first quarter. Alyeska Investment Group L.P. now owns 1,585,185 shares of the company's stock worth $17,817,000 after purchasing an additional 1,298,155 shares during the last quarter. American Century Companies Inc. grew its position in Crescent Energy by 10.0% in the first quarter. American Century Companies Inc. now owns 13,967,599 shares of the company's stock valued at $156,996,000 after purchasing an additional 1,266,674 shares in the last quarter. HITE Hedge Asset Management LLC bought a new stake in Crescent Energy during the 1st quarter worth about $10,087,000. Finally, Millennium Management LLC lifted its position in Crescent Energy by 63.9% during the 4th quarter. Millennium Management LLC now owns 2,230,672 shares of the company's stock worth $32,590,000 after buying an additional 869,612 shares in the last quarter. Institutional investors own 52.11% of the company's stock.

Crescent Energy Price Performance

Shares of CRGY stock traded down $0.49 during trading on Friday, hitting $8.76. The company had a trading volume of 7,781,449 shares, compared to its average volume of 4,255,093. The stock's 50-day moving average price is $9.17 and its 200 day moving average price is $9.48. Crescent Energy Company has a one year low of $6.83 and a one year high of $16.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market capitalization of $2.23 billion, a P/E ratio of -48.64 and a beta of 1.98.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. The company had revenue of $897.98 million during the quarter, compared to the consensus estimate of $868.34 million. Equities analysts expect that Crescent Energy Company will post 0.77 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date of this dividend was Monday, August 18th. Crescent Energy's dividend payout ratio is -266.67%.

Analysts Set New Price Targets

Several equities research analysts have commented on CRGY shares. Zacks Research cut shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Raymond James Financial set a $17.00 price objective on shares of Crescent Energy and gave the stock a "strong-buy" rating in a research note on Wednesday, August 27th. Piper Sandler upped their price target on shares of Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Mizuho decreased their price target on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Finally, Wall Street Zen upgraded shares of Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $16.00.

Crescent Energy Company 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.