American Century Companies Inc. Purchases 1,266,674 Shares of Crescent Energy Company $CRGY

Key Points

• American Century Companies Inc. increased its holdings in Crescent Energy by 10.0%, owning over 13.9 million shares valued at approximately $157 million as of the latest SEC filing.
• Crescent Energy reported earnings of $0.43 per share, significantly exceeding analyst expectations of $0.23, alongside revenue of about $898 million for the quarter.
• The company plans to pay a quarterly dividend of $0.12 per share, with an annualized dividend yield of 5.1%.

American Century Companies Inc. grew its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,967,599 shares of the company's stock after purchasing an additional 1,266,674 shares during the period. American Century Companies Inc. owned about 5.47% of Crescent Energy worth $156,996,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP acquired a new stake in shares of Crescent Energy during the 1st quarter worth about $34,000. Public Employees Retirement System of Ohio raised its stake in shares of Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock worth $40,000 after purchasing an additional 705 shares during the last quarter. Quarry LP grew its holdings in Crescent Energy by 263.4% during the fourth quarter. Quarry LP now owns 4,353 shares of the company's stock worth $64,000 after acquiring an additional 3,155 shares during the period. KBC Group NV acquired a new position in Crescent Energy during the first quarter worth $117,000. Finally, Fox Run Management L.L.C. acquired a new stake in Crescent Energy in the first quarter valued at $133,000. Hedge funds and other institutional investors own 52.11% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRGY. Piper Sandler raised their price objective on Crescent Energy from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. KeyCorp reduced their price target on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Mizuho cut their target price on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Wells Fargo & Company lowered their target price 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. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $16.10.

Crescent Energy Price Performance

Shares of NYSE:CRGY traded down $0.1090 during trading on Tuesday, hitting $9.2110. 2,120,449 shares of the company were exchanged, compared to its average volume of 3,426,540. The company has a market capitalization of $2.35 billion, a P/E ratio of -51.17 and a beta of 1.86. Crescent Energy Company has a 1-year low of $6.83 and a 1-year high of $16.94. The business's 50 day moving average is $9.13 and its 200-day moving average is $9.98. The company has a quick ratio of 0.88, a current 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 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. The firm had revenue of $897.98 million during the quarter, compared to the consensus estimate of $868.34 million. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%. Equities analysts forecast that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.2%. The ex-dividend date is Monday, August 18th. Crescent Energy's dividend 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.