Charles Schwab Investment Management Inc. Raises Stake in Crescent Energy Company $CRGY

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Crescent Energy by 11.6%, acquiring an additional 230,442 shares during the first quarter, bringing its total holdings to 2,215,262 shares worth approximately $24.9 million.
• Crescent Energy recently reported a quarterly earnings per share (EPS) of $0.43, exceeding analysts' expectations of $0.23, with a revenue of nearly $898 million for the quarter.
• The company has declared a quarterly dividend of $0.12 per share, resulting in a yield of 5.2%, and has a current consensus rating of "Moderate Buy" among analysts.

Charles Schwab Investment Management Inc. lifted its stake in shares of Crescent Energy Company (NYSE:CRGY - Free Report) by 11.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,215,262 shares of the company's stock after buying an additional 230,442 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.86% of Crescent Energy worth $24,900,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CRGY. ArrowMark Colorado Holdings LLC acquired a new stake in Crescent Energy during the fourth quarter valued at $36,593,000. Adage Capital Partners GP L.L.C. raised its stake in Crescent Energy by 6,700.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,700,000 shares of the company's stock worth $24,837,000 after acquiring an additional 1,675,000 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Crescent Energy by 63.9% during the 4th quarter. Millennium Management LLC now owns 2,230,672 shares of the company's stock valued at $32,590,000 after purchasing an additional 869,612 shares during the last quarter. Woodline Partners LP raised its position in shares of Crescent Energy by 21.9% during the fourth quarter. Woodline Partners LP now owns 4,767,362 shares of the company's stock worth $69,651,000 after acquiring an additional 856,963 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of Crescent Energy in the 4th quarter valued at $10,379,000. 52.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRGY. Wall Street Zen raised shares of Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Raymond James Financial restated a "strong-buy" rating and set a $14.00 target price (down previously from $16.00) on shares of Crescent Energy in a research report on Friday. Mizuho decreased their target price on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Piper Sandler raised their target price on Crescent Energy from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, Wells Fargo & Company decreased their target price on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $15.70.

Crescent Energy Stock Performance

Crescent Energy stock traded down $0.4550 during midday trading on Monday, hitting $9.4850. 10,445,577 shares of the company were exchanged, compared to its average volume of 3,447,964. The firm has a market capitalization of $2.42 billion, a PE ratio of -52.68 and a beta of 1.86. Crescent Energy Company has a fifty-two week low of $6.83 and a fifty-two week high of $16.94. The business has a fifty day simple moving average of $9.13 and a two-hundred day simple moving average of $9.82. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.88 and a current ratio of 0.88.

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

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a $0.12 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $0.48 dividend on an annualized basis and a yield of 5.1%. Crescent Energy's payout ratio is presently -266.67%.

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.