Nuveen LLC Makes New $21.78 Million Investment in Crescent Energy Company $CRGY

Key Points

• Nuveen LLC has invested approximately $21.78 million in Crescent Energy Company, acquiring nearly 1.94 million shares, which represents about 0.76% ownership of the company.
• Several hedge funds have increased their stakes in Crescent Energy, with JPMorgan Chase raising its stake by 326.2% during the fourth quarter, reflecting growing institutional interest in the company.
• Crescent Energy recently disclosed a $0.12 quarterly dividend, yielding 5.2%, despite a notable dividend payout ratio of -266.67% due to its financial structure.

Nuveen LLC acquired a new stake in Crescent Energy Company (NYSE:CRGY - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,937,907 shares of the company's stock, valued at approximately $21,782,000. Nuveen LLC owned about 0.76% of Crescent Energy at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Public Employees Retirement System of Ohio boosted its stake in Crescent Energy by 35.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock worth $40,000 after purchasing an additional 705 shares during the period. Allworth Financial LP purchased a new position in Crescent Energy during the 1st quarter valued at about $34,000. Quarry LP boosted its stake in shares of Crescent Energy by 263.4% during the 4th quarter. Quarry LP now owns 4,353 shares of the company's stock worth $64,000 after purchasing an additional 3,155 shares during the last quarter. Paloma Partners Management Co acquired a new stake in shares of Crescent Energy during the 4th quarter worth about $146,000. Finally, KBC Group NV acquired a new stake in shares of Crescent Energy during the 1st quarter worth about $117,000. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Stock Up 6.0%

Shares of NYSE:CRGY traded up $0.5660 during midday trading on Friday, reaching $9.9460. The company had a trading volume of 1,644,575 shares, compared to its average volume of 3,400,696. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.88 and a quick ratio of 0.88. The stock's fifty day moving average price is $9.12 and its 200-day moving average price is $9.93. The stock has a market capitalization of $2.53 billion, a P/E ratio of -55.36 and a beta of 1.86. 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 issued its quarterly earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. The business had revenue of $897.98 million during 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%. Equities research analysts expect that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Monday, August 18th. Crescent Energy's payout ratio is -266.67%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CRGY shares. Wells Fargo & Company decreased their target price 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. Piper Sandler lifted their price target 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. Mizuho reduced their price target on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Wall Street Zen raised shares of Crescent Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $14.00 price target (down from $16.00) on shares of Crescent Energy in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $15.70.

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.