Pointe Capital Management LLC Reduces Stake in Crescent Energy (NYSE:CRGY)

Pointe Capital Management LLC lessened its position in shares of Crescent Energy (NYSE:CRGY) by 14.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 95,959 shares of the company’s stock after selling 16,500 shares during the period. Crescent Energy accounts for 0.9% of Pointe Capital Management LLC’s investment portfolio, making the stock its 24th largest position. Pointe Capital Management LLC’s holdings in Crescent Energy were worth $1,268,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in Crescent Energy during the third quarter valued at approximately $140,000. Robeco Institutional Asset Management B.V. bought a new stake in Crescent Energy in the 3rd quarter worth approximately $403,000. Bank of New York Mellon Corp boosted its stake in Crescent Energy by 2.8% in the third quarter. Bank of New York Mellon Corp now owns 482,065 shares of the company’s stock worth $6,093,000 after buying an additional 12,903 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Crescent Energy by 134.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,097 shares of the company’s stock valued at $178,000 after acquiring an additional 8,092 shares during the last quarter. Finally, Northwestern University purchased a new position in shares of Crescent Energy during the third quarter worth approximately $13,789,000. Institutional investors own 52.11% of the company’s stock.

Analysts Set New Price Targets

CRGY has been the topic of a number of analyst reports. Stephens reiterated an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Tuesday, March 5th. Mizuho reissued a “neutral” rating and issued a $13.00 price target (down previously from $14.00) on shares of Crescent Energy in a report on Friday, March 22nd. Truist Financial lowered their price objective on shares of Crescent Energy from $23.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Raymond James cut their target price on Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Finally, Tudor, Pickering, Holt & Co. started coverage on Crescent Energy in a research report on Wednesday, April 10th. They set a “buy” rating and a $18.00 price target for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Crescent Energy currently has an average rating of “Buy” and an average price target of $16.38.

Insider Activity

In related news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $9.87, for a total value of $136,206,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 13.20% of the company’s stock.

Crescent Energy Stock Up 0.7 %

Shares of NYSE CRGY traded up $0.07 during mid-day trading on Friday, hitting $10.57. 937,087 shares of the stock traded hands, compared to its average volume of 1,441,799. The stock has a fifty day moving average price of $11.23 and a 200-day moving average price of $11.50. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 8.19 and a beta of 2.29. Crescent Energy has a 52 week low of $9.17 and a 52 week high of $14.22.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, March 4th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.37. The firm had revenue of $657.73 million for the quarter, compared to analysts’ expectations of $584.12 million. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. Research analysts anticipate that Crescent Energy will post 1.28 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.54%. The ex-dividend date of this dividend was Thursday, March 14th. Crescent Energy’s dividend payout ratio is 37.21%.

Crescent Energy Profile

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven regions, including Eagle Ford and Uinta basins. The company is based in Houston, Texas.