Miller Value Partners initiated a new position in Crescent Energy (CRGY 1.19%) in its May 15, 2026, SEC filing, acquiring 2,003,132 shares for an estimated $20.98 million based on quarterly average pricing.
What happened
According to a SEC filing dated May 15, 2026, Miller Value Partners disclosed a new position in Crescent Energy, acquiring 2,003,132 shares. The estimated transaction value was approximately $20.98 million, based on the average closing price during the first quarter of 2026. The quarter-end value of the position rose to $27.04 million, reflecting both the share acquisition and changes in CRGY’s stock price through March 31, 2026.
What else to know
- This was a new position, representing 7.06% of Miller Value Partners’ 13F reportable assets under management as of March 31, 2026
- Top holdings after the filing:
- NYSE: NBR: $38.25 million (10.0% of AUM)
- NYSE: GTN: $23.31 million (6.1% of AUM)
- NYSE: LNC: $20.26 million (5.3% of AUM)
- NYSEMKT: SPY: $19.54 million (5.1% of AUM)
- As of Thursday, Crescent Energy shares were priced at $13.10, up about 50% over the past year and well outperforming the S&P 500, which is instead up about 27%.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $3.8 billion |
| Net Income (TTM) | ($284.79 million) |
| Dividend Yield | 3.78% |
Company Snapshot
- Crescent Energy produces and sells crude oil, natural gas, and natural gas liquids from a diversified portfolio of U.S. basins, including Eagle Ford, Rockies, Barnett, Permian, and Mid-Continent.
- The firm operates an upstream exploration and production business model, generating revenue primarily from the extraction and sale of hydrocarbons.
- It is headquartered in Houston, Texas, with a focus on operational scale and efficiency across multiple basins.
Crescent Energy is a Houston-based independent energy producer with a multi-basin portfolio and a focus on operational scale and efficiency. The company leverages a deep inventory of drilling locations and proven reserves to drive production and cash flow.
What this transaction means for investors
Crescent Energy stock has already climbed roughly 50% over the past year, which suggests that Miller Value Partners appears to be buying into a business that is still executing, and the company’s latest quarter offers support for that thesis. The company reported record production of 341 thousand barrels of oil equivalent per day (MBoe/d), generated $409 million in operating cash flow and $192 million in levered free cash flow, while capturing roughly $120 million of Permian acquisition synergies ahead of schedule. Management also continued strengthening the balance sheet, refinancing debt at lower rates, extending maturities, and maintaining about $2 billion of liquidity.
Also of note: Crescent is delivering on both cash generation and volume growth. Adjusted EBITDAX reached nearly $690 million in the quarter, and net leverage remained a manageable 1.7x. If management can continue delivering on higher production, strong cash flow, and rising shareholder returns, it’s not hard to understand why a fund like Miller Value would choose to buy in and stay in.
