Empowered Funds LLC Purchases 73,744 Shares of Crescent Energy Company $CRGY

Key Points

• Empowered Funds LLC increased its stake in Crescent Energy by 7.6% in the 1st quarter, bringing its total holdings to approximately 1,046,469 shares worth $11.76 million.
• Crescent Energy reported earnings of $0.43 per share for the latest quarter, exceeding analysts' expectations with revenues of $897.98 million.
• The company declared a quarterly dividend of $0.12 per share, translating to an annualized yield of 5.8%, indicating a negative dividend payout ratio of -266.67%.

Empowered Funds LLC raised its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 7.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,046,469 shares of the company's stock after purchasing an additional 73,744 shares during the period. Empowered Funds LLC owned approximately 0.41% of Crescent Energy worth $11,762,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Public Employees Retirement System of Ohio boosted its holdings in Crescent Energy by 35.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock valued at $40,000 after purchasing an additional 705 shares during the period. Yousif Capital Management LLC boosted its holdings in Crescent Energy by 2.1% in the 1st quarter. Yousif Capital Management LLC now owns 66,806 shares of the company's stock valued at $751,000 after purchasing an additional 1,382 shares during the period. AQR Capital Management LLC boosted its holdings in Crescent Energy by 8.9% in the 1st quarter. AQR Capital Management LLC now owns 17,104 shares of the company's stock valued at $192,000 after purchasing an additional 1,397 shares during the period. Amalgamated Bank boosted its holdings in Crescent Energy by 3.0% in the 1st quarter. Amalgamated Bank now owns 51,467 shares of the company's stock valued at $578,000 after purchasing an additional 1,506 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in Crescent Energy by 2.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 86,100 shares of the company's stock valued at $968,000 after purchasing an additional 1,700 shares during the period. 52.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on CRGY shares. Zacks Research downgraded shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. William Blair started coverage on shares of Crescent Energy in a research note on Monday, August 25th. They issued an "outperform" rating for the company. Wall Street Zen upgraded shares of Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Raymond James Financial set a $17.00 price objective on shares of Crescent Energy and gave the company a "strong-buy" rating in a research note on Wednesday, August 27th. Finally, Wells Fargo & Company dropped their price objective on shares of 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 investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Crescent Energy presently has an average rating of "Moderate Buy" and a consensus price target of $16.00.

Crescent Energy Trading Down 1.8%

Shares of NYSE CRGY traded down $0.16 during mid-day trading on Monday, hitting $8.52. The company's stock had a trading volume of 1,646,594 shares, compared to its average volume of 3,686,075. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -47.31 and a beta of 1.98. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.88 and a quick ratio of 0.88. Crescent Energy Company has a one year low of $6.83 and a one year high of $16.94. The company's fifty day simple moving average is $9.12 and its 200-day simple moving average is $9.26.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.20. The company had revenue of $897.98 million for the quarter, compared to analyst estimates 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 anticipate that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.48 annualized dividend and a yield of 5.6%. Crescent Energy's dividend payout ratio (DPR) 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.