Principal Financial Group Inc. Grows Position in Crescent Energy Company (NYSE:CRGY)

Principal Financial Group Inc. lifted its position in Crescent Energy Company (NYSE:CRGY - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 910,171 shares of the company's stock after acquiring an additional 62,622 shares during the period. Principal Financial Group Inc. owned 0.35% of Crescent Energy worth $10,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its stake 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 worth $40,000 after acquiring an additional 705 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Crescent Energy by 206.7% in the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock valued at $52,000 after purchasing an additional 2,377 shares during the last quarter. Quarry LP boosted its holdings in Crescent Energy by 263.4% in the fourth quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $64,000 after purchasing an additional 3,155 shares during the last quarter. KBC Group NV purchased a new stake in Crescent Energy in the first quarter valued at $117,000. Finally, Paloma Partners Management Co purchased a new stake in Crescent Energy in the fourth quarter valued at $146,000. Hedge funds and other institutional investors own 52.11% of the company's stock.

Analysts Set New Price Targets

CRGY has been the topic of several recent research reports. Piper Sandler upped their price target on shares of Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday. Wells Fargo & Company lowered their price target on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $18.00 price target (down from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. KeyCorp lowered their price target on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Mizuho cut their price objective on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.09.

Crescent Energy Price Performance

CRGY traded up $0.22 during midday trading on Thursday, hitting $8.45. 609,184 shares of the company traded hands, compared to its average volume of 3,442,629. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of -18.74 and a beta of 1.74. Crescent Energy Company has a 52-week low of $6.83 and a 52-week high of $16.94. The business has a 50 day simple moving average of $8.99 and a two-hundred day simple moving average of $11.11.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.09. The business had revenue of $950.17 million for the quarter, compared to the consensus estimate of $937.55 million. Crescent Energy had a negative net margin of 2.88% and a positive return on equity of 14.21%. On average, equities analysts forecast that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.68%. The ex-dividend date was Monday, May 19th. Crescent Energy's payout ratio is -106.67%.

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.