Bayesian Capital Management LP Lowers Position in Crescent Energy (NYSE:CRGY)

Bayesian Capital Management LP trimmed its holdings in shares of Crescent Energy (NYSE:CRGY) by 55.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,298 shares of the company’s stock after selling 24,900 shares during the period. Bayesian Capital Management LP’s holdings in Crescent Energy were worth $297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in CRGY. Vanguard Group Inc. increased its holdings in Crescent Energy by 26.4% during the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock valued at $303,150,000 after buying an additional 4,332,831 shares during the period. American Century Companies Inc. raised its position in shares of Crescent Energy by 12.7% in the 4th quarter. American Century Companies Inc. now owns 12,700,925 shares of the company’s stock worth $185,561,000 after acquiring an additional 1,436,084 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Crescent Energy during the 4th quarter worth $170,905,000. Bank of New York Mellon Corp boosted its position in Crescent Energy by 55.5% during the fourth quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock valued at $135,316,000 after purchasing an additional 3,305,833 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in Crescent Energy by 234.4% in the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock valued at $69,914,000 after purchasing an additional 3,354,362 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

CRGY opened at $7.96 on Thursday. The stock has a market cap of $2.06 billion, a P/E ratio of 12.84 and a beta of 1.86. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a fifty day moving average price of $9.54 and a 200 day moving average price of $12.76. Crescent Energy has a 1 year low of $6.83 and a 1 year high of $16.94.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.09. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The business had revenue of $950.17 million for the quarter, compared to analyst estimates of $937.55 million. Equities research analysts anticipate that Crescent Energy will post 0.77 earnings per share for the current year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 6.03%. The ex-dividend date is Monday, May 19th. Crescent Energy’s payout ratio is currently -69.57%.

Analysts Set New Price Targets

CRGY has been the subject of several analyst reports. Truist Financial increased their price target on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research report on Wednesday, March 5th. Mizuho lifted their price target on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. decreased their price objective on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Finally, Raymond James reiterated a “strong-buy” rating and issued a $18.00 price target (down from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.80.

Insider Activity

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $9.91, for a total value of $29,221,844.93. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael Duginski purchased 20,000 shares of Crescent Energy stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average price of $10.57 per share, with a total value of $211,400.00. Following the transaction, the director now owns 259,607 shares in the company, valued at approximately $2,744,045.99. The trade was a 8.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 24,932 shares of company stock worth $263,219 over the last three months. 13.20% of the stock is currently owned by corporate insiders.

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.