Adage Capital Partners GP L.L.C. Trims Position in Crescent Energy Company $CRGY

Key Points

• Adage Capital Partners sold 400,000 shares of Crescent Energy Company, reducing its holdings by 23.5% to approximately 1.3 million shares valued at $14.6 million.
• Crescent Energy has seen mixed responses from analysts, with share ratings ranging from Strong Buy to Sell, and a consensus target price of $16.00.
• The company announced a quarterly dividend of $0.12 per share, yielding approximately 5.5%, despite a notably high payout ratio of -266.67%.

Adage Capital Partners GP L.L.C. trimmed its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 23.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,300,000 shares of the company's stock after selling 400,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.51% of Crescent Energy worth $14,612,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. grew its stake in Crescent Energy by 7.4% in the 1st quarter. Principal Financial Group Inc. now owns 910,171 shares of the company's stock worth $10,230,000 after buying an additional 62,622 shares in the last quarter. Amalgamated Bank grew its position in Crescent Energy by 3.0% in the first quarter. Amalgamated Bank now owns 51,467 shares of the company's stock worth $578,000 after acquiring an additional 1,506 shares in the last quarter. Jump Financial LLC bought a new position in Crescent Energy in the first quarter valued at $3,355,000. Victory Capital Management Inc. raised its position in Crescent Energy by 12.4% during the first quarter. Victory Capital Management Inc. now owns 849,692 shares of the company's stock valued at $9,551,000 after purchasing an additional 93,690 shares in the last quarter. Finally, KBC Group NV bought a new stake in Crescent Energy during the first quarter worth about $117,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Stock Performance

Shares of Crescent Energy stock traded up $0.11 during trading hours on Thursday, reaching $8.81. 5,004,398 shares of the stock traded hands, compared to its average volume of 5,214,955. Crescent Energy Company has a one year low of $6.83 and a one year high of $16.94. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -48.94 and a beta of 1.98. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.75. The company has a 50 day moving average price of $9.13 and a 200 day moving average price of $9.35.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. The company had revenue of $897.98 million for the quarter, compared to the consensus estimate of $868.34 million. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. On average, equities research analysts expect that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend was Monday, August 18th. Crescent Energy's dividend payout ratio (DPR) is currently -266.67%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. William Blair started coverage on Crescent Energy in a research note on Monday, August 25th. They issued an "outperform" rating for the company. Raymond James Financial set a $17.00 price target on shares of Crescent Energy and gave the stock a "strong-buy" rating in a research note on Wednesday, August 27th. Zacks Research lowered shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Finally, Piper Sandler increased their target price on shares of Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Crescent Energy has an average rating of "Moderate Buy" and a consensus price target of $16.00.

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.