Kornitzer Capital Management Inc. KS Takes $1.78M Position in Crescent Energy (NYSE:CRGY)

Kornitzer Capital Management Inc. KS bought a new stake in Crescent Energy (NYSE:CRGY – Free Report ) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 150,000 shares of the company’s stock, valued at approximately $1,778,000. Kornitzer Capital Management Inc. KS owned about 0.08% of Crescent Energy at the end of the most recent quarter.

Several other hedge funds and other institutional investors have recently made changes to their positions in CRGY. CWM LLC grew its position in 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 purchased a new position in Crescent Energy in the second quarter valued at about $32,000. Spirit of America Management Corp NY purchased a new position in Crescent Energy in the second quarter valued at about $36,000. GAMMA Investing LLC boosted its holdings in Crescent Energy by 186.5% in the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock worth $54,000 after purchasing an additional 2,934 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in Crescent Energy by 58.5% during the 4th quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock worth $98,000 after acquiring an additional 2,748 shares in the the last quarter. 52.11% of the shares are currently held by institutional investors and hedge funds.

Crescent Energy price performance

CRGY opened at $10.71 on Friday. The firm has a market cap of $1.90 billion, a P/E ratio of -53.55 and a beta of 2.26. The firm has a 50-day moving average of $11.61 and a 200-day moving average of $11.61. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87, and a current ratio of 1.87. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $13.85.

Crescent Energy (NYSE:CRGY – Get Your Free Report ) last posted its quarterly 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 company had revenue of $653.28 million during the quarter, compared to analyst estimates of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. On average, research analysts expect that Crescent Energy will post 1.43 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were given a dividend of $0.12 per share. The ex-dividend date was Monday, August 19. This represents an annualized dividend of $0.48 and a yield of 4.48%. Crescent Energy’s payout ratio is currently -240.00%.

Changes in Analyst Ratings

A number of research firms have weighed in on CRGY. Wolfe Research assumed coverage on shares of Crescent Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $16.00 price target on the stock. Stephens reissued an “overweight” rating and set a $20.00 target price on shares of Crescent Energy in a research note on Tuesday, August 6th. Mizuho boosted 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 Monday, May 13th. KeyCorp initiated coverage on shares of Crescent Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $16.00 price objective on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Crescent Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday. One research analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Crescent Energy presently has an average rating of “Buy” and a consensus price target of $16.80.

Check out the latest stock report on Crescent Energy

Insider activity at Crescent Energy

In other Crescent Energy news, Director Michael Duginski purchased 9,344 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was purchased at an average price of $10.62 per share, for a total transaction of $99,233.28. Following the completion of the transaction, the director now directly owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The acquisition was disclosed in a filing with the SEC, which is accessible via this link. Over the last 90 days, insiders bought 11,344 shares of company stock worth $120,723. 13.20% of the shares are owned by company insiders.

Crescent Energy Company Profile

(Free report)

Crescent Energy Company acquires, develops and produces crude oil, natural gas and natural gas liquids (NGL) reserves. Its asset portfolio comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets that provide services to clients.

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