Bank of New York Mellon Corp Reduces Stake in Crescent Energy Company $CRGY

Bank of New York Mellon Corp decreased its position in Crescent Energy Company (NYSE:CRGY) by 9.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,520,170 shares of the company’s stock after selling 915,538 shares during the quarter. Bank of New York Mellon Corp’s holdings in Crescent Energy were worth $73,273,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CRGY. Keybank National Association OH lifted its stake in shares of Crescent Energy by 12.9% in the 2nd quarter. Keybank National Association OH now owns 38,563 shares of the company’s stock worth $332,000 after purchasing an additional 4,410 shares during the period. Peregrine Capital Management LLC increased its holdings in Crescent Energy by 10.4% during the second quarter. Peregrine Capital Management LLC now owns 440,947 shares of the company’s stock valued at $3,792,000 after buying an additional 41,423 shares during the last quarter. Teacher Retirement System of Texas raised its position in Crescent Energy by 12.0% in the second quarter. Teacher Retirement System of Texas now owns 28,860 shares of the company’s stock worth $248,000 after acquiring an additional 3,092 shares during the period. Y Intercept Hong Kong Ltd boosted its stake in shares of Crescent Energy by 208.0% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 60,849 shares of the company’s stock worth $523,000 after acquiring an additional 41,091 shares during the last quarter. Finally, MorganRosel Wealth Management LLC grew its position in shares of Crescent Energy by 26.7% during the 2nd quarter. MorganRosel Wealth Management LLC now owns 67,934 shares of the company’s stock valued at $584,000 after acquiring an additional 14,311 shares during the period. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Trading Up 4.7%

Shares of CRGY opened at $8.88 on Monday. The firm has a market cap of $2.26 billion, a P/E ratio of -49.31 and a beta of 1.85. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.88 and a quick ratio of 0.88. Crescent Energy Company has a 1 year low of $6.83 and a 1 year high of $16.94. The company has a 50 day simple moving average of $8.69 and a two-hundred day simple moving average of $8.90.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend is Monday, November 17th. Crescent Energy’s dividend payout ratio is -320.00%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CRGY shares. William Blair initiated coverage on Crescent Energy in a research report on Monday, August 25th. They set an “outperform” rating on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Crescent Energy in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Crescent Energy from a “buy” rating to a “hold” rating in a report on Saturday. Wells Fargo & Company reduced their price objective on shares of Crescent Energy from $20.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Finally, Piper Sandler lifted their target price on shares of Crescent Energy from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.33.

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.