Vanguard Group Inc. Lowers Stock Holdings in Crescent Energy Company $CRGY

Key Points

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Vanguard Group Inc. trimmed its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,605,608 shares of the company's stock after selling 143,901 shares during the period. Vanguard Group Inc. owned 7.97% of Crescent Energy worth $231,607,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CRGY. Public Employees Retirement System of Ohio lifted 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 during the last quarter. Allworth Financial LP acquired a new stake in shares of Crescent Energy during the first quarter worth about $34,000. Quarry LP boosted its position 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 buying an additional 3,155 shares during the last quarter. Paloma Partners Management Co purchased a new position in shares of Crescent Energy during the fourth quarter worth $146,000. Finally, KBC Group NV acquired a new position in Crescent Energy during the first quarter valued at $117,000. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Trading Up 5.9%

CRGY traded up $0.5550 during trading hours on Friday, reaching $9.9350. The company's stock had a trading volume of 1,503,131 shares, compared to its average volume of 3,399,693. The business's 50-day moving average is $9.12 and its 200-day moving average is $9.93. 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 has a market cap of $2.53 billion, a PE ratio of -55.08 and a beta of 1.86. Crescent Energy Company has a fifty-two week low of $6.83 and a fifty-two week high of $16.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.23 by $0.20. The business had revenue of $897.98 million for the quarter, compared to analyst estimates of $868.34 million. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%. As a group, equities research analysts predict 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. Stockholders 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 of this dividend is Monday, August 18th. Crescent Energy's payout ratio is -266.67%.

Analysts Set New Price Targets

A number of analysts recently issued reports on CRGY shares. Piper Sandler increased their price target on shares of Crescent Energy from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Raymond James Financial reissued a "strong-buy" rating and set a $14.00 target price (down from $16.00) on shares of Crescent Energy in a research note on Friday. Wells Fargo & Company cut their price target on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Mizuho lowered their price target on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Finally, Wall Street Zen raised shares of Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $15.70.

About Crescent Energy

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.