Adage Capital Partners GP L.L.C. Sells 400,000 Shares of 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. reduced its holdings in Crescent Energy Company (NYSE:CRGY - Free Report) by 23.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,300,000 shares of the company's stock after selling 400,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.51% of Crescent Energy worth $14,612,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRGY. Nuveen LLC acquired a new stake in shares of Crescent Energy during the 1st quarter worth approximately $21,782,000. American Century Companies Inc. grew its position in shares of Crescent Energy by 10.0% during the 1st quarter. American Century Companies Inc. now owns 13,967,599 shares of the company's stock worth $156,996,000 after buying an additional 1,266,674 shares during the period. HITE Hedge Asset Management LLC acquired a new stake in shares of Crescent Energy during the 1st quarter worth approximately $10,087,000. Millennium Management LLC grew its position in shares of Crescent Energy by 63.9% during the 4th quarter. Millennium Management LLC now owns 2,230,672 shares of the company's stock worth $32,590,000 after buying an additional 869,612 shares during the period. Finally, Woodline Partners LP grew its position in shares of Crescent Energy by 21.9% during the 4th quarter. Woodline Partners LP now owns 4,767,362 shares of the company's stock worth $69,651,000 after buying an additional 856,963 shares during the period. 52.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CRGY shares. Wall Street Zen raised shares of Crescent Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Wells Fargo & Company decreased their price objective on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Raymond James Financial set a $17.00 price objective on Crescent Energy and gave the company a "strong-buy" rating in a report on Wednesday, August 27th. Mizuho decreased their price objective on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Finally, Piper Sandler boosted their price objective on Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.00.

Crescent Energy Stock Down 5.2%

Shares of NYSE:CRGY opened at $8.76 on Friday. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of -48.64 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. Crescent Energy Company has a 12-month low of $6.83 and a 12-month high of $16.94. The business's 50 day moving average is $9.17 and its 200 day moving average is $9.52.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.20. The company had revenue of $897.98 million for the quarter, compared to analysts' expectations of $868.34 million. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%. On average, sell-side analysts forecast 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 given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.48 annualized dividend and a dividend yield of 5.5%. Crescent Energy's payout ratio is presently -266.67%.

Crescent Energy Profile

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.

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