Crescent Energy (NYSE:CRGY) Shares Acquired by American Century Companies Inc.

American Century Companies Inc. boosted its position in shares of Crescent Energy (NYSE:CRGY) by 444.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,775,940 shares of the company’s stock after purchasing an additional 6,348,598 shares during the period. American Century Companies Inc. owned approximately 4.38% of Crescent Energy worth $92,145,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRGY. SIR Capital Management L.P. bought a new position in Crescent Energy during the second quarter worth $1,365,000. Acadian Asset Management LLC acquired a new position in shares of Crescent Energy during the second quarter worth approximately $298,000. Arizona State Retirement System grew its stake in shares of Crescent Energy by 21.2% in the second quarter. Arizona State Retirement System now owns 26,557 shares of the company’s stock worth $315,000 after purchasing an additional 4,640 shares in the last quarter. Kornitzer Capital Management Inc. KS bought a new position in Crescent Energy in the 2nd quarter valued at about $1,778,000. Finally, Jackson Creek Investment Advisors LLC raised its position in shares of Crescent Energy by 1.0% during the 2nd quarter. Jackson Creek Investment Advisors LLC now owns 90,933 shares of the company’s stock worth $1,078,000 after buying an additional 883 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

Crescent Energy stock opened at $10.64 on Friday. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $13.85. The firm’s 50 day simple moving average is $11.43 and its 200-day simple moving average is $11.59. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. The company has a market cap of $1.89 billion, a P/E ratio of -53.20 and a beta of 2.26.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.05. The firm had revenue of $653.28 million for the quarter, compared to analysts’ expectations of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. As a group, equities research analysts predict that Crescent Energy will post 1.31 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 4.51%. The ex-dividend date was Monday, August 19th. Crescent Energy’s dividend payout ratio is currently -239.99%.

Insiders Place Their Bets

In other Crescent Energy news, Director Michael Duginski bought 9,344 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were bought at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the acquisition, the director now directly owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders acquired 12,294 shares of company stock worth $131,297. 13.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CRGY has been the topic of a number of research analyst reports. Truist Financial lowered their price objective on shares of Crescent Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Wolfe Research started coverage on Crescent Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. KeyCorp began coverage on Crescent Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $16.00 target price for the company. Wells Fargo & Company lifted their target price on Crescent Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, Stephens reissued an “overweight” rating and issued a $20.00 price target on shares of Crescent Energy in a report on Tuesday, August 6th. One analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $16.80.

Crescent Energy 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.