Empowered Funds LLC Grows Position in Crescent Energy (NYSE:CRGY)

Empowered Funds LLC grew its stake in Crescent Energy (NYSE:CRGY) by 11.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 925,301 shares of the company’s stock after buying an additional 94,948 shares during the quarter. Empowered Funds LLC’s holdings in Crescent Energy were worth $10,132,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Royce & Associates LP purchased a new stake in Crescent Energy in the 3rd quarter worth approximately $11,146,000. Victory Capital Management Inc. increased its stake in shares of Crescent Energy by 7.0% in the third quarter. Victory Capital Management Inc. now owns 708,205 shares of the company’s stock worth $7,755,000 after purchasing an additional 46,448 shares in the last quarter. Callahan Advisors LLC bought a new stake in shares of Crescent Energy during the 3rd quarter valued at $602,000. Amalgamated Bank increased its stake in Crescent Energy by 86.4% in the 3rd quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock worth $54,000 after buying an additional 2,272 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in Crescent Energy by 135.1% during the third quarter. Harbor Capital Advisors Inc. now owns 36,934 shares of the company’s stock valued at $404,000 after acquiring an additional 21,221 shares during the period. Institutional investors own 52.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CRGY. Stephens upped their price objective on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. initiated coverage on shares of Crescent Energy in a report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective for the company. Pickering Energy Partners started coverage on shares of Crescent Energy in a report on Monday, October 28th. They issued an “outperform” rating on the stock. Truist Financial cut their target price on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, September 24th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $15.80.

Crescent Energy Stock Performance

Crescent Energy stock opened at $13.77 on Friday. The company’s 50-day moving average price is $12.25 and its 200-day moving average price is $11.94. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a market cap of $2.44 billion, a PE ratio of 22.21 and a beta of 2.19. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $14.18.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $744.87 million during the quarter, compared to analyst estimates of $793.88 million. During the same quarter last year, the business posted $0.35 earnings per share. On average, equities research analysts forecast that Crescent Energy will post 0.97 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, November 18th. This represents a $0.48 annualized dividend and a yield of 3.49%. Crescent Energy’s payout ratio is presently 77.42%.

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.