Empowered Funds LLC Acquires 94,948 Shares of Crescent Energy (NYSE:CRGY)

Empowered Funds LLC boosted its stake in Crescent Energy (NYSE:CRGY) by 11.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 925,301 shares of the company’s stock after acquiring an additional 94,948 shares during the period. Empowered Funds LLC owned 0.52% of Crescent Energy worth $10,132,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. CWM LLC boosted its stake in shares of Crescent Energy by 618.9% during the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after purchasing an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Crescent Energy in the 2nd quarter worth approximately $32,000. Farther Finance Advisors LLC lifted its stake in shares of Crescent Energy by 15,675.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock valued at $35,000 after purchasing an additional 3,135 shares during the period. Spirit of America Management Corp NY bought a new stake in shares of Crescent Energy during the second quarter valued at approximately $36,000. Finally, Amalgamated Bank grew its stake in Crescent Energy by 86.4% in the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock worth $54,000 after purchasing an additional 2,272 shares during the period. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Price Performance

NYSE CRGY opened at $13.77 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 22.21 and a beta of 2.19. The stock has a 50-day moving average of $12.25 and a 200 day moving average of $11.94. Crescent Energy has a one year low of $9.88 and a one year high of $14.18.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.11. The firm had revenue of $744.87 million during the quarter, compared to analysts’ expectations of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same period in the previous year, the company earned $0.35 earnings per share. On average, sell-side analysts forecast that Crescent Energy will post 0.97 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders 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 dividend yield of 3.49%. Crescent Energy’s payout ratio is 77.42%.

Analyst Ratings Changes

Several equities analysts have commented on CRGY shares. Wells Fargo & Company lowered their price objective on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Pickering Energy Partners initiated coverage on shares of Crescent Energy in a research note on Monday, October 28th. They set an “outperform” rating on the stock. Truist Financial lowered their target price on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating for the company in a report on Monday, September 30th. JPMorgan Chase & Co. started coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target on the stock. Finally, Stephens lifted their price objective on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $15.80.

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.