Renaissance Technologies LLC Purchases 240,400 Shares of Crescent Energy (NYSE:CRGY)

Renaissance Technologies LLC lifted its position in shares of Crescent Energy (NYSE:CRGY) by 225.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 346,800 shares of the company’s stock after purchasing an additional 240,400 shares during the period. Renaissance Technologies LLC owned 0.20% of Crescent Energy worth $4,110,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CRGY. Jupiter Asset Management Ltd. bought a new stake in Crescent Energy in the first quarter worth about $2,877,000. Vanguard Group Inc. raised its position in Crescent Energy by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 8,171,426 shares of the company’s stock worth $107,945,000 after acquiring an additional 530,199 shares during the period. GSA Capital Partners LLP raised its position in Crescent Energy by 901.7% in the first quarter. GSA Capital Partners LLP now owns 100,681 shares of the company’s stock worth $1,198,000 after acquiring an additional 90,630 shares during the period. Moody National Bank Trust Division bought a new stake in Crescent Energy in the second quarter worth about $769,000. Finally, Northside Capital Management LLC bought a new stake in Crescent Energy in the first quarter worth about $4,453,000. 52.11% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wolfe Research assumed coverage on shares of Crescent Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $16.00 target price for the company. JPMorgan Chase & Co. assumed coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 target price for the company. Truist Financial reduced their target price on shares of Crescent Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Wells Fargo & Company lifted their target price 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. Finally, KeyCorp assumed coverage on shares of Crescent Energy in a research note on Thursday, June 27th. They issued 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 given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $16.70.

Crescent Energy Price Performance

Shares of NYSE:CRGY opened at $11.13 on Friday. The company has a 50 day moving average of $11.23 and a 200 day moving average of $11.59. The stock has a market cap of $1.98 billion, a P/E ratio of -55.65 and a beta of 2.26. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $13.85. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13.

Crescent Energy (NYSE:CRGY) last issued 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 company had revenue of $653.28 million during the quarter, compared to analysts’ expectations of $619.00 million. As a group, sell-side analysts forecast that Crescent Energy will post 1.5 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently announced 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 4.31%. Crescent Energy’s payout ratio is presently -239.99%.

Insider Buying and Selling at Crescent Energy

In related news, Director Michael Duginski bought 9,344 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the transaction, the director now directly owns 201,081 shares in the company, valued at approximately $2,135,480.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased a total of 12,294 shares of company stock worth $131,297 over the last three months. 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.