Bridgeway Capital Management LLC Has $19.20 Million Stock Holdings 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 reduced its position in Crescent Energy Company (NYSE:CRGY - Free Report) by 3.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,708,554 shares of the company's stock after selling 54,826 shares during the quarter. Crescent Energy comprises about 0.5% of Bridgeway Capital Management LLC's holdings, making the stock its 26th largest position. Bridgeway Capital Management LLC owned approximately 0.67% of Crescent Energy worth $19,204,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CRGY. AQR Capital Management LLC grew its stake in shares of Crescent Energy by 8.9% during the 1st 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. Alyeska Investment Group L.P. boosted its position in shares of Crescent Energy by 452.3% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,585,185 shares of the company's stock worth $17,817,000 after buying an additional 1,298,155 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Crescent Energy by 16.1% in the 1st quarter. Royal Bank of Canada now owns 58,900 shares of the company's stock worth $662,000 after buying an additional 8,173 shares in the last quarter. DRW Securities LLC purchased a new stake in shares of Crescent Energy in the 1st quarter worth about $115,000. Finally, Kore Advisors LP boosted its position in shares of Crescent Energy by 1.0% in the 1st quarter. Kore Advisors LP now owns 1,264,317 shares of the company's stock worth $14,211,000 after buying an additional 12,264 shares in the last quarter. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Trading Down 4.4%

Shares of Crescent Energy stock traded down $0.39 during trading on Monday, hitting $8.38. 2,976,448 shares of the company were exchanged, compared to its average volume of 3,628,661. The firm has a market capitalization of $2.13 billion, a P/E ratio of -46.53 and a beta of 1.98. Crescent Energy Company has a 1-year low of $6.83 and a 1-year high of $16.94. The firm's fifty day moving average price is $9.17 and its 200 day moving average price is $9.44. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.88 and a quick ratio of 0.88.

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

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were given a $0.12 dividend. The ex-dividend date was Monday, August 18th. This represents a $0.48 annualized dividend and a dividend yield of 5.7%. Crescent Energy's payout ratio is currently -266.67%.

Analyst Ratings Changes

A number of research firms have issued reports on CRGY. Piper Sandler upped their target price on shares of Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Mizuho cut their price objective on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Zacks Research lowered shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Wall Street Zen upgraded shares of Crescent Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, William Blair began coverage on shares of Crescent Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. One 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 given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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.