Magnolia Capital Advisors LLC Sells 44,493 Shares of Crescent Energy (NYSE:CRGY)

Magnolia Capital Advisors LLC lessened its stake in Crescent Energy (NYSE:CRGY) by 35.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,016 shares of the company’s stock after selling 44,493 shares during the quarter. Magnolia Capital Advisors LLC’s holdings in Crescent Energy were worth $1,070,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Teacher Retirement System of Texas bought a new stake in Crescent Energy in the third quarter valued at about $101,055,000. Vanguard Group Inc. increased its holdings in shares of Crescent Energy by 94.1% in the third quarter. Vanguard Group Inc. now owns 7,641,227 shares of the company’s stock worth $96,585,000 after acquiring an additional 3,705,389 shares in the last quarter. Northwestern University bought a new stake in shares of Crescent Energy in the third quarter worth about $13,789,000. Adage Capital Partners GP L.L.C. bought a new stake in shares of Crescent Energy in the third quarter worth about $6,320,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Crescent Energy by 2.8% in the third quarter. Bank of New York Mellon Corp now owns 482,065 shares of the company’s stock worth $6,093,000 after acquiring an additional 12,903 shares in the last quarter. Institutional investors own 52.11% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. TheStreet upgraded Crescent Energy from a “d” rating to a “c-” rating in a report on Wednesday, February 14th. Stephens restated an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Tuesday, March 5th. Mizuho restated a “neutral” rating and issued a $13.00 price target (down from $14.00) on shares of Crescent Energy in a report on Friday, March 22nd. Truist Financial lowered their price target on Crescent Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Friday, April 5th. Finally, Wells Fargo & Company increased their price objective on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $16.38.

Crescent Energy Stock Performance

Shares of CRGY traded down $0.21 during mid-day trading on Wednesday, reaching $10.77. The company’s stock had a trading volume of 1,997,181 shares, compared to its average volume of 1,350,391. Crescent Energy has a 1-year low of $9.17 and a 1-year high of $14.22. The stock has a market cap of $1.93 billion, a P/E ratio of 8.35 and a beta of 2.24. The business has a 50-day simple moving average of $11.30 and a two-hundred day simple moving average of $11.55. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.98.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, March 4th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.37. Crescent Energy had a return on equity of 13.30% and a net margin of 2.84%. The company had revenue of $657.73 million during the quarter, compared to analysts’ expectations of $584.12 million. As a group, equities research analysts anticipate that Crescent Energy will post 0.99 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.12 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.46%. Crescent Energy’s payout ratio is 37.21%.

Insider Activity

In related news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of Crescent Energy stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $9.87, for a total transaction of $136,206,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 13.20% of the company’s stock.

About Crescent Energy

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven regions, including Eagle Ford and Uinta basins. The company is based in Houston, Texas.