Federated Hermes Inc. Has $10.49 Million Stake in Crescent Energy Company (NYSE:CRGY)

Key Points

• Federated Hermes Inc. increased its stake in Crescent Energy by 212.6% in the first quarter, owning approximately 932,863 shares worth about $10.5 million.
• Several other institutional investors also modified their holdings, with Cetera Investment Advisers boosting their stake by 322.4%, now owning over 893,503 shares valued at $10 million.
• Crescent Energy recently declared a quarterly dividend of $0.12 per share, representing an annualized dividend of $0.48 with a yield of 5.4%.

Federated Hermes Inc. grew its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 212.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 932,863 shares of the company's stock after purchasing an additional 634,417 shares during the quarter. Federated Hermes Inc. owned approximately 0.36% of Crescent Energy worth $10,485,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Crescent Energy by 7.4% in the first quarter. Principal Financial Group Inc. now owns 910,171 shares of the company's stock valued at $10,230,000 after buying an additional 62,622 shares during the period. Amalgamated Bank raised its stake in shares of Crescent Energy by 3.0% in the first quarter. Amalgamated Bank now owns 51,467 shares of the company's stock valued at $578,000 after buying an additional 1,506 shares during the period. Victory Capital Management Inc. raised its stake in shares of Crescent Energy by 12.4% in the first quarter. Victory Capital Management Inc. now owns 849,692 shares of the company's stock valued at $9,551,000 after buying an additional 93,690 shares during the period. KBC Group NV purchased a new position in shares of Crescent Energy in the first quarter valued at $117,000. Finally, Bank of New York Mellon Corp grew its position in shares of Crescent Energy by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 9,435,708 shares of the company's stock valued at $106,057,000 after purchasing an additional 173,832 shares in the last quarter. Institutional investors own 52.11% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Mizuho reduced their price target on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. KeyCorp reduced their target price 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. Piper Sandler boosted their target price on Crescent Energy from $14.00 to $15.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Finally, Wells Fargo & Company dropped their price target 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 research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Crescent Energy has a consensus rating of "Moderate Buy" and an average price target of $16.10.

Crescent Energy Trading Down 0.7%

Shares of NYSE CRGY traded down $0.07 during midday trading on Wednesday, reaching $9.30. The company had a trading volume of 3,186,207 shares, compared to its average volume of 3,472,269. Crescent Energy Company has a one year low of $6.83 and a one year high of $16.94. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.10. The firm's fifty day moving average price is $9.03 and its 200-day moving average price is $10.43. The stock has a market cap of $2.37 billion, a PE ratio of -51.69 and a beta of 1.86.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.20. Crescent Energy had a return on equity of 14.87% and a net margin of 0.67%. The company had revenue of $897.98 million during the quarter, compared to analyst estimates of $868.34 million. On average, equities research analysts anticipate 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. 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 5.2%. Crescent Energy's dividend payout ratio is presently -106.67%.

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.