Sun Sep 15 12:15:05 UTC 2024: ## American Century Companies Boosts Stake in Crescent Energy, Driving Up Institutional Ownership

**New York, NY (MarketBeat News) -** American Century Companies Inc. significantly increased its holdings in Crescent Energy (NYSE: CRGY) during the second quarter, according to a recent 13F filing. The institutional investor purchased an additional 6,348,598 shares, boosting its stake by 444.8% and bringing its total ownership to 7,775,940 shares, valued at $92.145 million. This represents approximately 4.38% of Crescent Energy.

Other institutional investors also made moves in the second quarter, including:

* **SIR Capital Management L.P.** establishing a new position worth $1,365,000.
* **Acadian Asset Management LLC** acquiring a new position worth approximately $298,000.
* **Arizona State Retirement System** expanding its stake by 21.2%, now owning 26,557 shares valued at $315,000.
* **Kornitzer Capital Management Inc. KS** establishing a new position valued at about $1,778,000.
* **Jackson Creek Investment Advisors LLC** raising its position by 1.0%, now owning 90,933 shares valued at $1,078,000.

Overall, hedge funds and other institutional investors now own 52.11% of Crescent Energy’s stock.

Crescent Energy, a company specializing in acquiring, developing, and producing crude oil, natural gas, and NGL reserves, recently declared a quarterly dividend of $0.12, representing a yield of 4.51%. The company’s dividend payout ratio is currently -239.99%.

The stock opened at $10.64 on Friday, with a 52-week low of $9.88 and a 52-week high of $13.85. The company’s market cap is $1.89 billion, and it has a P/E ratio of -53.20 and a beta of 2.26.

**Analyst Sentiment:**

Crescent Energy has been attracting attention from analysts. Truist Financial lowered its price objective to $19.00 but maintained a “buy” rating. Wolfe Research initiated coverage with an “outperform” rating and a $16.00 price objective. KeyCorp also started coverage with an “overweight” rating and a $16.00 target price. Wells Fargo & Company raised its target price to $21.00 and maintained an “overweight” rating. Finally, Stephens reiterated an “overweight” rating and a $20.00 price target.

Overall, Crescent Energy has a “Buy” consensus rating from analysts, with a consensus price target of $16.80.

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