Rafferty Asset Management LLC Buys 98,514 Shares of Crescent Energy Company $CRGY

Key Points

• Rafferty Asset Management LLC increased its position in Crescent Energy Company by 48.8% in the first quarter, now owning approximately $3.38 million worth of shares.
• Crescent Energy reported $0.43 earnings per share for its latest quarter, exceeding analysts' expectations, with revenues reaching $897.98 million.
• The company declared a quarterly dividend of $0.12 per share, with a dividend yield of 5.0%, scheduled to be paid on September 2nd.

Rafferty Asset Management LLC raised its position in Crescent Energy Company (NYSE:CRGY - Free Report) by 48.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 300,528 shares of the company's stock after purchasing an additional 98,514 shares during the quarter. Rafferty Asset Management LLC owned 0.12% of Crescent Energy worth $3,378,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Comerica Bank raised its stake in shares of Crescent Energy by 17.8% in the 1st quarter. Comerica Bank now owns 74,285 shares of the company's stock valued at $835,000 after purchasing an additional 11,213 shares during the period. Walleye Capital LLC raised its stake in shares of Crescent Energy by 544.7% in the 1st quarter. Walleye Capital LLC now owns 321,716 shares of the company's stock valued at $3,616,000 after purchasing an additional 271,816 shares during the period. Jump Financial LLC acquired a new stake in shares of Crescent Energy in the 1st quarter valued at about $3,355,000. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Crescent Energy by 2.0% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 2,074,067 shares of the company's stock valued at $23,313,000 after purchasing an additional 40,196 shares during the period. Finally, EntryPoint Capital LLC acquired a new stake in shares of Crescent Energy in the 1st quarter valued at about $646,000. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Stock Performance

Shares of NYSE:CRGY traded down $0.19 during trading on Thursday, reaching $9.24. 6,620,739 shares of the stock were exchanged, compared to its average volume of 4,148,537. Crescent Energy Company has a 12 month low of $6.83 and a 12 month high of $16.94. The firm has a market cap of $2.35 billion, a PE ratio of -51.31 and a beta of 1.98. The stock has a 50-day moving average price of $9.17 and a 200-day moving average price of $9.56. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.75.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. The company 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%. Research analysts expect that Crescent Energy Company will post 0.77 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 5.2%. The ex-dividend date was Monday, August 18th. Crescent Energy's payout ratio is -266.67%.

Analyst Ratings Changes

Several analysts have issued reports on CRGY shares. Wells Fargo & Company dropped their price target on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Piper Sandler lifted their target price on Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Wall Street Zen raised Crescent Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Zacks Research downgraded Crescent Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Finally, Raymond James Financial set a $17.00 target price on Crescent Energy and gave the company a "strong-buy" rating in a research report on Wednesday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $16.00.

Crescent Energy 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.