Mackenzie Financial Corp Buys 2,796 Shares of Crescent Energy (NYSE:CRGY)

Mackenzie Financial Corp grew its stake in shares of Crescent Energy (NYSE:CRGY) by 23.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,669 shares of the company’s stock after purchasing an additional 2,796 shares during the period. Mackenzie Financial Corp’s holdings in Crescent Energy were worth $174,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CRGY. Vanguard Group Inc. lifted its position in Crescent Energy by 13.9% during the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock valued at $110,775,000 after acquiring an additional 1,137,367 shares during the period. American Century Companies Inc. boosted its position in shares of Crescent Energy by 444.8% in the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after purchasing an additional 6,348,598 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Crescent Energy by 286.7% in the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock worth $33,537,000 after buying an additional 2,098,303 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Crescent Energy by 85.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company’s stock valued at $31,477,000 after buying an additional 1,226,027 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in Crescent Energy by 21.2% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,668,560 shares of the company’s stock valued at $22,042,000 after buying an additional 291,990 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

NYSE:CRGY opened at $13.33 on Tuesday. The company has a market cap of $2.36 billion, a P/E ratio of -66.63 and a beta of 2.19. The company’s 50-day moving average price is $11.25 and its 200-day moving average price is $11.64. Crescent Energy has a twelve month low of $9.88 and a twelve 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 earnings results on Monday, August 5th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The company had revenue of $653.28 million for the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. On average, sell-side analysts forecast that Crescent Energy will post 1.5 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date was Monday, August 19th. Crescent Energy’s payout ratio is -240.00%.

Insider Buying and Selling

In related news, Director Michael Duginski bought 9,344 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were bought at an average price of $10.62 per share, with a total value of $99,233.28. Following the completion of the transaction, the director now directly owns 201,081 shares of the company’s stock, valued at $2,135,480.22. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders acquired 12,294 shares of company stock valued at $131,297. 13.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRGY. Wolfe Research started coverage on Crescent Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price target for the company. Truist Financial dropped their target price on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Wells Fargo & Company reduced their price target on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Stephens reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of Crescent Energy in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. assumed coverage on Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price on the stock. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $16.20.

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.