First Trust Advisors LP Buys 346,242 Shares of Crescent Energy Company $CRGY

First Trust Advisors LP increased its stake in shares of Crescent Energy Company (NYSE:CRGY) by 29.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,542,176 shares of the company’s stock after acquiring an additional 346,242 shares during the period. First Trust Advisors LP’s holdings in Crescent Energy were worth $20,819,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CRGY. Wolverine Asset Management LLC acquired a new position in Crescent Energy during the fourth quarter valued at approximately $860,000. Jennison Associates LLC raised its position in shares of Crescent Energy by 74.1% in the first quarter. Jennison Associates LLC now owns 4,254,407 shares of the company’s stock valued at $57,435,000 after purchasing an additional 1,810,225 shares during the period. Legal & General Group Plc lifted its stake in shares of Crescent Energy by 27.5% in the fourth quarter. Legal & General Group Plc now owns 585,827 shares of the company’s stock worth $4,915,000 after buying an additional 126,330 shares during the last quarter. McAlvany Wealth Management LLC lifted its stake in shares of Crescent Energy by 71.6% in the first quarter. McAlvany Wealth Management LLC now owns 231,105 shares of the company’s stock worth $3,129,000 after buying an additional 96,406 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Crescent Energy by 34.6% during the 4th quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock worth $228,981,000 after buying an additional 7,015,982 shares during the period. 52.11% of the stock is owned by institutional investors.

Crescent Energy Stock Up 6.2%

Shares of CRGY stock opened at $11.06 on Thursday. Crescent Energy Company has a 12 month low of $7.68 and a 12 month high of $14.29. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. The firm has a market cap of $3.65 billion, a PE ratio of -14.75 and a beta of 1.40. The stock has a 50 day moving average of $10.88 and a 200-day moving average of $11.26.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.14. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the company posted $0.57 earnings per share. Crescent Energy’s quarterly revenue was up 24.5% on a year-over-year basis. On average, equities analysts predict that Crescent Energy Company will post 1.78 EPS for the current year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.48 dividend on an annualized basis and a yield of 4.3%. Crescent Energy’s dividend payout ratio is -64.00%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. UBS Group began coverage on shares of Crescent Energy in a research note on Tuesday, July 14th. They issued a “buy” rating and a $13.00 target price on the stock. Wall Street Zen lowered shares of Crescent Energy from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Weiss Ratings cut shares of Crescent Energy from a “hold (c)” rating to a “sell (d)” rating in a report on Wednesday, May 6th. Mizuho raised their price target on Crescent Energy from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, May 27th. Finally, Raymond James Financial dropped their price objective on Crescent Energy from $20.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Thursday, June 18th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.58.

Crescent Energy Profile

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.