Jupiter Asset Management Ltd. Lowers Stock Position in Crescent Energy Company (NYSE:CRGY)

Key Points

• Jupiter Asset Management Ltd. reduced its stake in Crescent Energy by 26.1%, selling 109,694 shares, leaving it with 310,068 shares valued at approximately $3.49 million as of its last SEC filing.
• Crescent Energy reported a quarterly EPS of $0.56, surpassing estimates of $0.47, alongside a revenue of $950.17 million, exceeding expectations of $937.55 million.
• The company's recent quarterly dividend of $0.12 reflects an annualized yield of 5.4%, although the payout ratio stands at -106.67%.

Jupiter Asset Management Ltd. decreased its holdings in Crescent Energy Company (NYSE:CRGY - Free Report) by 26.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 310,068 shares of the company's stock after selling 109,694 shares during the quarter. Jupiter Asset Management Ltd. owned 0.12% of Crescent Energy worth $3,485,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Jefferies Financial Group Inc. purchased a new stake in Crescent Energy during the 1st quarter worth approximately $363,000. Natixis Advisors LLC increased its stake in Crescent Energy by 50.5% during the 1st quarter. Natixis Advisors LLC now owns 21,791 shares of the company's stock worth $245,000 after buying an additional 7,314 shares in the last quarter. XTX Topco Ltd purchased a new stake in Crescent Energy during the 1st quarter worth approximately $661,000. Federated Hermes Inc. increased its stake in Crescent Energy by 212.6% during the 1st quarter. Federated Hermes Inc. now owns 932,863 shares of the company's stock worth $10,485,000 after buying an additional 634,417 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of Crescent Energy by 151.3% in the first quarter. Mackenzie Financial Corp now owns 26,068 shares of the company's stock valued at $293,000 after purchasing an additional 15,696 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Stock Down 1.1%

Shares of NYSE CRGY traded down $0.11 during mid-day trading on Wednesday, hitting $9.26. The company had a trading volume of 5,797,233 shares, compared to its average volume of 3,490,876. The company has a market capitalization of $2.36 billion, a PE ratio of -51.42 and a beta of 1.86. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.78 and a quick ratio of 0.78. Crescent Energy Company has a 1-year low of $6.83 and a 1-year high of $16.94. The business's 50-day simple moving average is $9.03 and its 200 day simple moving average is $10.43.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly 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 for the quarter, compared to analysts' expectations of $868.34 million. On average, analysts predict that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be given a dividend of $0.12 per share. The ex-dividend date is Monday, August 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.2%. Crescent Energy's payout ratio is -106.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. KeyCorp dropped 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. 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 report on Monday, June 16th. Piper Sandler upped their price target on Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Finally, Mizuho lowered their price objective 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $16.10.

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.