Crescent Energy (NYSE:CRGY) Position Lowered by King Luther Capital Management Corp

King Luther Capital Management Corp cut its stake in shares of Crescent Energy (NYSE:CRGY - Free Report) by 50.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 500,000 shares of the company's stock after selling 500,000 shares during the quarter. King Luther Capital Management Corp owned about 0.28% of Crescent Energy worth $5,475,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. CWM LLC boosted its position in shares of Crescent Energy by 618.9% in the 2nd quarter. CWM LLC now owns 2,128 shares of the company's stock worth $25,000 after buying an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Crescent Energy in the second quarter valued at approximately $32,000. Spirit of America Management Corp NY purchased a new position in shares of Crescent Energy during the 2nd quarter worth approximately $36,000. Farther Finance Advisors LLC raised its position in shares of Crescent Energy by 15,675.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company's stock worth $35,000 after purchasing an additional 3,135 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in Crescent Energy by 86.4% in the 3rd quarter. Amalgamated Bank now owns 4,903 shares of the company's stock valued at $54,000 after buying an additional 2,272 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company's stock.

Crescent Energy Stock Up 0.6 %

Shares of CRGY stock traded up $0.09 on Friday, hitting $15.27. The stock had a trading volume of 2,691,594 shares, compared to its average volume of 2,348,770. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $15.54. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 24.62 and a beta of 2.19. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The stock's 50 day moving average is $12.68 and its 200-day moving average is $12.08.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. During the same period last year, the firm earned $0.35 earnings per share. As a group, research analysts expect that Crescent Energy will post 0.97 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Monday, November 18th. Crescent Energy's dividend payout ratio (DPR) is currently 77.42%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CRGY. Raymond James upped their price objective on Crescent Energy from $19.00 to $20.00 and gave the company a "strong-buy" rating in a research report on Thursday. Truist Financial lowered their price objective on Crescent Energy from $19.00 to $15.00 and set a "buy" rating for the company in a research report on Monday, September 30th. Pickering Energy Partners assumed coverage on Crescent Energy in a research report on Monday, October 28th. They set an "outperform" rating on the stock. Mizuho increased their price objective on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a "neutral" rating in a report on Tuesday, November 5th. Finally, Stephens increased their price target on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Monday, October 28th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $16.30.

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.