Montgomery Investment Management Inc. Invests $272,000 in Crescent Energy (NYSE:CRGY)

Montgomery Investment Management Inc. purchased a new position in Crescent Energy (NYSE:CRGY) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 24,843 shares of the company’s stock, valued at approximately $272,000.

Several other large investors also recently bought and sold shares of CRGY. Jackson Creek Investment Advisors LLC boosted its stake in Crescent Energy by 1.0% during the second quarter. Jackson Creek Investment Advisors LLC now owns 90,933 shares of the company’s stock worth $1,078,000 after buying an additional 883 shares during the period. ProShare Advisors LLC lifted its position in shares of Crescent Energy by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock worth $165,000 after buying an additional 1,085 shares during the last quarter. Quadrature Capital Ltd boosted its stake in Crescent Energy by 5.1% in the first quarter. Quadrature Capital Ltd now owns 30,744 shares of the company’s stock valued at $366,000 after acquiring an additional 1,503 shares in the last quarter. CWM LLC increased its holdings in shares of Crescent Energy by 618.9% in the 2nd quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after acquiring an additional 1,832 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Crescent Energy during the 2nd quarter valued at approximately $32,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CRGY shares. Wells Fargo & Company decreased their price objective 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, October 21st. Wolfe Research assumed coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 target price for the company. Stephens reaffirmed an “overweight” rating and set a $20.00 target price on shares of Crescent Energy in a report on Tuesday, August 6th. Mizuho cut their target price on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $17.00 target price on shares of Crescent Energy in a research note on Tuesday, September 24th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $16.10.

Crescent Energy Price Performance

Shares of NYSE:CRGY opened at $12.56 on Monday. 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 business has a 50 day moving average price of $11.71 and a 200 day moving average price of $11.74. The company has a market cap of $2.23 billion, a price-to-earnings ratio of -62.80 and a beta of 2.19. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $13.85.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The business had revenue of $653.28 million for the quarter, compared to analyst estimates of $619.00 million. Research analysts predict that Crescent Energy will post 1.27 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy’s dividend payout ratio is -240.00%.

Insider Transactions at Crescent Energy

In other Crescent Energy news, Director Michael Duginski acquired 9,344 shares of Crescent Energy stock in a transaction on Thursday, August 8th. The shares were purchased at an average cost of $10.62 per share, with a total value of $99,233.28. Following the completion of the purchase, the director now owns 201,081 shares in the company, valued at $2,135,480.22. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have bought 12,294 shares of company stock valued at $131,297. 13.20% of the stock is owned by insiders.

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.