DAVENPORT & Co LLC Acquires 40,000 Shares of Crescent Energy Company $CRGY

Key Points

• DAVENPORT & Co LLC increased its holdings in Crescent Energy Company by 58.0% during the second quarter, acquiring an additional 40,000 shares and bringing their total to 109,000 shares valued at $937,000.
• Crescent Energy reported $0.43 earnings per share for the last quarter, exceeding the analysts' expectations of $0.23, with a revenue of $897.98 million.
• The company declared a quarterly dividend of $0.12 per share, yielding 5.9% annualized, despite a negative payout ratio of -266.67%.

DAVENPORT & Co LLC increased its holdings in Crescent Energy Company (NYSE:CRGY - Free Report) by 58.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,000 shares of the company's stock after acquiring an additional 40,000 shares during the quarter. DAVENPORT & Co LLC's holdings in Crescent Energy were worth $937,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in Crescent Energy by 7.4% in the 1st quarter. Principal Financial Group Inc. now owns 910,171 shares of the company's stock worth $10,230,000 after purchasing an additional 62,622 shares in the last quarter. Amalgamated Bank increased its position in shares of Crescent Energy by 3.0% during 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. Jump Financial LLC bought a new stake in Crescent Energy during the 1st quarter valued at approximately $3,355,000. Victory Capital Management Inc. boosted its position in Crescent Energy by 12.4% during the 1st quarter. Victory Capital Management Inc. now owns 849,692 shares of the company's stock valued at $9,551,000 after acquiring an additional 93,690 shares in the last quarter. Finally, KBC Group NV bought a new stake in Crescent Energy during the 1st quarter valued at approximately $117,000. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Price Performance

NYSE CRGY opened at $8.09 on Friday. The stock has a 50-day moving average of $9.10 and a 200 day moving average of $8.97. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of -44.94 and a beta of 1.89. Crescent Energy Company has a one year low of $6.83 and a one year high of $16.94.

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

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, August 18th. This represents a $0.48 dividend on an annualized basis and a yield of 5.9%. Crescent Energy's payout ratio is currently -266.67%.

Analyst Ratings Changes

CRGY has been the subject of a number of research analyst reports. Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Wells Fargo & Company decreased their price objective on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Monday, June 16th. William Blair assumed coverage on shares of Crescent Energy in a research report on Monday, August 25th. They issued an "outperform" rating on the stock. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Crescent Energy in a research report on Wednesday. Finally, Zacks Research lowered shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Crescent Energy has a consensus rating of "Moderate Buy" and an average target price of $15.67.

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.

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