Empowered Funds LLC Has $11.76 Million Stock Position in 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 lifted its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 7.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,046,469 shares of the company's stock after purchasing an additional 73,744 shares during the quarter. Empowered Funds LLC owned 0.41% of Crescent Energy worth $11,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Brooklyn Investment Group lifted its position in shares of Crescent Energy by 1,110.3% in the first quarter. Brooklyn Investment Group now owns 2,457 shares of the company's stock worth $28,000 after purchasing an additional 2,254 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in 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 valued at $40,000 after acquiring an additional 705 shares in the last quarter. Allworth Financial LP bought a new position in Crescent Energy during the first quarter valued at approximately $34,000. DRW Securities LLC bought a new position in Crescent Energy during the first quarter valued at approximately $115,000. Finally, KBC Group NV bought a new position in Crescent Energy during the first quarter valued at approximately $117,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CRGY shares. Zacks Research lowered shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Piper Sandler raised their price objective on shares of Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Wells Fargo & Company cut their price objective on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. William Blair started coverage on shares of Crescent Energy in a research report on Monday, August 25th. They set an "outperform" rating on the stock. Finally, 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 report on Wednesday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $16.00.

Crescent Energy Stock Performance

Shares of NYSE:CRGY traded down $0.13 during trading on Friday, reaching $8.67. The stock had a trading volume of 3,922,444 shares, compared to its average volume of 5,370,789. Crescent Energy Company has a 52 week low of $6.83 and a 52 week high of $16.94. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -48.17 and a beta of 1.98. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.75. The stock has a fifty day simple moving average of $9.12 and a two-hundred day simple moving average of $9.31.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.20. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. The company had revenue of $897.98 million for the quarter, compared to analyst estimates of $868.34 million. As a group, 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 declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.5%. Crescent Energy's dividend payout ratio (DPR) is currently -266.67%.

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.