Algert Global LLC Increases Stake in Crescent Energy (NYSE:CRGY)

Algert Global LLC raised its holdings in shares of Crescent Energy (NYSE:CRGY) by 260.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 320,039 shares of the company’s stock after buying an additional 231,229 shares during the period. Algert Global LLC’s holdings in Crescent Energy were worth $3,792,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. CWM LLC increased its stake in shares of Crescent Energy by 618.9% in the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after purchasing an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Crescent Energy in the second quarter worth $32,000. Spirit of America Management Corp NY purchased a new stake in shares of Crescent Energy in the second quarter worth $36,000. GAMMA Investing LLC increased its stake in shares of Crescent Energy by 186.5% in the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock worth $54,000 after purchasing an additional 2,934 shares in the last quarter. Finally, Equitec Proprietary Markets LLC purchased a new stake in shares of Crescent Energy in the second quarter worth $107,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CRGY shares. Wolfe Research started coverage on shares of Crescent Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of Crescent Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. started coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price for the company. Stephens restated an “overweight” rating and set a $20.00 target price on shares of Crescent Energy in a research report on Tuesday, August 6th. Finally, KeyCorp started coverage on shares of Crescent Energy in a research report on Thursday, June 27th. They set an “overweight” rating and a $16.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $16.30.

Crescent Energy Price Performance

CRGY stock opened at $10.94 on Tuesday. Crescent Energy has a 52 week low of $9.88 and a 52 week high of $13.85. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13. The company has a fifty day simple moving average of $11.21 and a two-hundred day simple moving average of $11.60. The firm has a market capitalization of $1.94 billion, a P/E ratio of -54.70 and a beta of 2.26.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The business had revenue of $653.28 million during the quarter, compared to analyst estimates of $619.00 million. Analysts anticipate that Crescent Energy will post 1.5 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.48 annualized dividend and a yield of 4.39%. Crescent Energy’s dividend payout ratio (DPR) is currently -240.00%.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski bought 9,344 shares of the stock in a transaction dated Thursday, August 8th. The stock was purchased at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the acquisition, the director now owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders acquired 12,294 shares of company stock worth $131,297 over the last 90 days. 13.20% of the stock is owned by insiders.

Crescent Energy Company 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.