McAlvany Wealth Management LLC Purchases Shares of 134,699 Crescent Energy Company $CRGY

Key Points

• McAlvany Wealth Management bought a new stake in Crescent Energy during the fourth quarter, acquiring 134,699 shares worth about $1.13 million. The position makes up 0.9% of its portfolio and is its 29th-largest holding.
• Wall Street sentiment on CRGY has turned more positive, with several firms raising targets and ratings. The consensus view is now Moderate Buy, with an average price target of $15.82.
• Crescent Energy reported earnings that beat expectations for the latest quarter, and it also paid a quarterly dividend of $0.12 per share, translating to a 4.6% yield.

McAlvany Wealth Management LLC acquired a new stake in shares of Crescent Energy Company (NYSE:CRGY - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 134,699 shares of the company's stock, valued at approximately $1,130,000. Crescent Energy accounts for 0.9% of McAlvany Wealth Management LLC's investment portfolio, making the stock its 29th largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Caitlin John LLC bought a new stake in Crescent Energy in the 3rd quarter valued at about $27,000. Fifth Third Bancorp grew its stake in Crescent Energy by 109.3% in the fourth quarter. Fifth Third Bancorp now owns 3,905 shares of the company's stock valued at $33,000 after acquiring an additional 2,039 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Crescent Energy by 134.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company's stock valued at $33,000 after acquiring an additional 2,286 shares during the period. Quarry LP increased its holdings in shares of Crescent Energy by 303.5% during the third quarter. Quarry LP now owns 4,152 shares of the company's stock valued at $37,000 after acquiring an additional 3,123 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in shares of Crescent Energy by 42.3% during the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company's stock valued at $40,000 after acquiring an additional 1,401 shares in the last quarter. Institutional investors own 52.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CRGY. JPMorgan Chase & Co. raised Crescent Energy from a "neutral" rating to an "overweight" rating and set a $19.00 target price on the stock in a research report on Friday, March 20th. Wells Fargo & Company lifted their price target on shares of Crescent Energy from $14.00 to $18.00 and gave the company an "overweight" rating in a research report on Thursday, April 23rd. Johnson Rice restated an "accumulate" rating and set a $19.00 price objective on shares of Crescent Energy in a report on Wednesday, March 25th. Stephens reaffirmed an "overweight" rating and issued a $18.00 price objective on shares of Crescent Energy in a research note on Tuesday, May 5th. Finally, Zacks Research upgraded shares of Crescent Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, April 3rd. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $15.82.

Crescent Energy Stock Performance

Shares of Crescent Energy stock opened at $10.43 on Friday. Crescent Energy Company has a 52 week low of $7.68 and a 52 week high of $14.29. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. The business has a 50 day moving average price of $12.34 and a 200-day moving average price of $10.96. The company has a market cap of $3.44 billion, a PE ratio of -13.90 and a beta of 1.37.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its earnings results on Monday, May 4th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.14. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter in the previous year, the firm earned $0.57 earnings per share. Crescent Energy's quarterly revenue was up 24.5% on a year-over-year basis. Equities analysts anticipate that Crescent Energy Company will post 1.99 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Monday, May 18th. Crescent Energy's payout ratio is currently -64.00%.

Crescent Energy Company Profile

Crescent Energy Co NYSE: CRGY is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company's core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy's integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy's operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin's stacked pay intervals.

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