Crescent Energy (NYSE:CRGY) Stake Trimmed by Cetera Investment Advisers

Cetera Investment Advisers cut its position in shares of Crescent Energy (NYSE:CRGY) by 12.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 188,293 shares of the company’s stock after selling 27,654 shares during the quarter. Cetera Investment Advisers owned 0.11% of Crescent Energy worth $2,231,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Crescent Energy by 13.9% in the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock valued at $110,775,000 after acquiring an additional 1,137,367 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Crescent Energy by 444.8% in the second quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after purchasing an additional 6,348,598 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Crescent Energy by 286.7% in the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after purchasing an additional 2,098,303 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Crescent Energy by 85.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company’s stock worth $31,477,000 after buying an additional 1,226,027 shares during the period. Finally, Bridgeway Capital Management LLC grew its holdings in shares of Crescent Energy by 63.0% during the first quarter. Bridgeway Capital Management LLC now owns 1,590,748 shares of the company’s stock valued at $18,930,000 after buying an additional 614,969 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRGY has been the subject of a number of research reports. Truist Financial decreased their price objective on Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Wolfe Research assumed coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They set an “outperform” rating and a $16.00 price objective on the stock. Evercore ISI reiterated an “outperform” rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Tuesday, September 24th. Stephens restated an “overweight” rating and set a $20.00 price target on shares of Crescent Energy in a report on Tuesday, August 6th. Finally, KeyCorp initiated coverage on Crescent Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $16.00 price objective for the company. Two investment 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 MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $16.20.

Crescent Energy Stock Performance

CRGY opened at $13.46 on Friday. The stock has a 50-day moving average of $11.37 and a 200-day moving average of $11.69. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $13.85. The company has a market cap of $2.39 billion, a PE ratio of 673.00 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. The firm had revenue of $653.28 million during the quarter, compared to analysts’ expectations of $619.00 million. As a group, equities research analysts forecast that Crescent Energy will post 1.28 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.48 annualized dividend and a yield of 3.57%. Crescent Energy’s dividend payout ratio (DPR) is presently 2,400.00%.

Insiders Place Their Bets

In other Crescent Energy news, Director Michael Duginski purchased 9,344 shares of the stock in a transaction dated Thursday, August 8th. The shares were bought at an average cost of $10.62 per share, with a total value of $99,233.28. Following the completion of the transaction, the director now owns 201,081 shares in the company, valued at $2,135,480.22. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders bought a total of 12,294 shares of company stock valued at $131,297 in the last quarter. Insiders own 13.20% of the company’s stock.

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.