Millennium Management LLC Reduces Stock Position in Crescent Energy (NYSE:CRGY)

Millennium Management LLC trimmed its position in Crescent Energy (NYSE:CRGY - Free Report) by 59.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,451,739 shares of the company's stock after selling 2,091,563 shares during the quarter. Millennium Management LLC owned 0.82% of Crescent Energy worth $17,203,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC boosted its position in Crescent Energy by 618.9% in the second quarter. CWM LLC now owns 2,128 shares of the company's stock valued at $25,000 after buying an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Crescent Energy in the second quarter valued at about $32,000. Spirit of America Management Corp NY bought a new position in shares of Crescent Energy during the second quarter valued at about $36,000. GAMMA Investing LLC grew its position in shares of Crescent Energy by 186.5% in the 1st quarter. GAMMA Investing LLC now owns 4,507 shares of the company's stock worth $54,000 after buying an additional 2,934 shares during the last quarter. Finally, Equitec Proprietary Markets LLC purchased a new position in shares of Crescent Energy during the second quarter valued at approximately $107,000. Institutional investors own 52.11% of the company's stock.

Insider Buying and Selling

In related news, Director Michael Duginski purchased 9,344 shares of Crescent Energy stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average cost 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 in the company, valued at approximately $2,135,480.22. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have bought 12,294 shares of company stock valued at $131,297. Corporate insiders own 13.20% of the company's stock.

Crescent Energy Stock Up 3.8 %

Shares of NYSE CRGY traded up $0.47 during mid-day trading on Friday, reaching $12.98. 6,714,760 shares of the company were exchanged, compared to its average volume of 2,371,677. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -64.90 and a beta of 2.19. The firm has a 50-day moving average of $11.22 and a 200 day moving average of $11.62. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $13.85.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.05. The business had revenue of $653.28 million during the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. On average, research analysts expect that Crescent Energy will post 1.5 earnings per share for the current year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were paid a $0.12 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.70%. Crescent Energy's payout ratio is presently -240.00%.

Wall Street Analysts Forecast Growth

CRGY has been the subject of a number of research analyst reports. Truist Financial dropped their price target on Crescent Energy from $19.00 to $15.00 and set a "buy" rating for the company in a research note on Monday, September 30th. Evercore ISI reiterated an "outperform" rating and set a $17.00 price objective on shares of Crescent Energy in a research report on Tuesday, September 24th. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a research report on Wednesday, September 18th. They issued a "neutral" rating and a $12.00 target price on the stock. Stephens reiterated an "overweight" rating and issued a $20.00 price objective on shares of Crescent Energy in a research note on Tuesday, August 6th. Finally, Wells Fargo & Company cut their target price on Crescent Energy from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $16.20.

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.