Pointe Capital Management LLC Has $422,000 Position in Crescent Energy Company (NYSE:CRGY)

Pointe Capital Management LLC cut its stake in Crescent Energy Company (NYSE:CRGY) by 6.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,548 shares of the company’s stock after selling 2,411 shares during the period. Pointe Capital Management LLC’s holdings in Crescent Energy were worth $422,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Louisiana State Employees Retirement System increased its position in Crescent Energy by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 86,100 shares of the company’s stock worth $968,000 after purchasing an additional 1,700 shares during the period. New York State Common Retirement Fund grew its position in shares of Crescent Energy by 8.8% during the 1st quarter. New York State Common Retirement Fund now owns 91,391 shares of the company’s stock worth $1,027,000 after buying an additional 7,400 shares during the period. Arizona State Retirement System raised its stake in shares of Crescent Energy by 13.2% during the first quarter. Arizona State Retirement System now owns 50,976 shares of the company’s stock worth $573,000 after buying an additional 5,925 shares during the last quarter. Callahan Advisors LLC raised its stake in shares of Crescent Energy by 3.9% during the first quarter. Callahan Advisors LLC now owns 54,831 shares of the company’s stock worth $616,000 after buying an additional 2,072 shares during the last quarter. Finally, Allworth Financial LP acquired a new position in Crescent Energy in the first quarter valued at approximately $34,000. 52.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRGY has been the subject of a number of analyst reports. Piper Sandler initiated coverage on shares of Crescent Energy in a report on Monday, June 9th. They set an “overweight” rating and a $14.00 target price for the company. Mizuho cut their target price on Crescent Energy from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. Raymond James Financial restated a “strong-buy” rating and set a $18.00 target price (down previously from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. KeyCorp lowered their price target on Crescent Energy from $18.00 to $14.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Finally, Wells Fargo & Company cut their price target on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, June 16th. One analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Crescent Energy presently has a consensus rating of “Moderate Buy” and an average target price of $16.00.

Crescent Energy Stock Performance

Shares of Crescent Energy stock opened at $9.26 on Friday. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of -20.58 and a beta of 1.74. Crescent Energy Company has a one year low of $6.83 and a one year high of $16.94. The stock’s 50-day moving average is $8.97 and its 200-day moving average is $11.20.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.09. Crescent Energy had a positive return on equity of 14.21% and a negative net margin of 2.88%. The firm had revenue of $950.17 million during the quarter, compared to the consensus estimate of $937.55 million. Equities analysts predict that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $0.12 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.48 annualized dividend and a yield of 5.18%. Crescent Energy’s payout ratio is currently -106.67%.

Crescent Energy Company 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.