King Luther Capital Management Corp Cuts Stock Holdings in Crescent Energy (NYSE:CRGY)

King Luther Capital Management Corp cut its position in shares of Crescent Energy (NYSE:CRGY) by 8.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,000,000 shares of the company’s stock after selling 93,200 shares during the period. King Luther Capital Management Corp owned 0.56% of Crescent Energy worth $11,850,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jackson Creek Investment Advisors LLC boosted its stake 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 acquiring an additional 883 shares in the last quarter. ProShare Advisors LLC grew its holdings in Crescent Energy by 8.5% in the first quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock valued at $165,000 after purchasing an additional 1,085 shares during the period. Quadrature Capital Ltd increased its position in shares of Crescent Energy by 5.1% in the first quarter. Quadrature Capital Ltd now owns 30,744 shares of the company’s stock valued at $366,000 after buying an additional 1,503 shares in the last quarter. CWM LLC increased its position in shares of Crescent Energy by 618.9% in the second quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after buying an additional 1,832 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Crescent Energy during the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Price Performance

NYSE:CRGY opened at $11.46 on Friday. Crescent Energy has a one year low of $9.88 and a one year high of $13.85. The stock has a market cap of $2.03 billion, a PE ratio of -57.30 and a beta of 2.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87. The stock has a 50 day moving average price of $11.35 and a 200 day moving average price of $11.58.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $653.28 million during the quarter, compared to analysts’ expectations of $619.00 million. Equities research analysts expect that Crescent Energy will post 1.31 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy’s payout ratio is presently -240.00%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Wolfe Research initiated coverage on shares of Crescent Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price target for the company. Truist Financial reduced their price target on shares of Crescent Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Wells Fargo & Company raised their price target on shares of Crescent Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Mizuho cut their price objective on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Finally, KeyCorp assumed coverage on Crescent Energy in a research report on Thursday, June 27th. They issued an “overweight” rating and a $16.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Crescent Energy has a consensus rating of “Buy” and a consensus price target of $16.27.

Insider Activity at Crescent Energy

In other Crescent Energy news, Director Michael Duginski bought 9,344 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was bought at an average price of $10.62 per share, with a total value of $99,233.28. Following the completion of the purchase, the director now directly owns 201,081 shares in the company, valued at $2,135,480.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have acquired 12,294 shares of company stock worth $131,297. 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.