Assenagon Asset Management S.A. Buys Shares of 1,977,104 Crescent Energy Company $CRGY

Key Points

• Assenagon Asset Management acquired 1,977,104 Crescent Energy shares worth approximately $19.4 million, giving it a 0.60% stake. Institutional investors and hedge funds collectively own 52.11% of the company.
• Crescent Energy reported quarterly EPS of $0.69, beating estimates by $0.10, while revenue rose 55.3% year over year to $1.39 billion. The company declared a quarterly dividend of $0.12, representing a 4.1% annualized yield.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $15.83 price target versus the stock’s recent price of $11.59, although some firms maintain hold or sell ratings.

Assenagon Asset Management S.A. acquired a new position in shares of Crescent Energy Company (NYSE:CRGY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,977,104 shares of the company's stock, valued at approximately $19,415,000. Assenagon Asset Management S.A. owned about 0.60% of Crescent Energy as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Strs Ohio acquired a new stake in shares of Crescent Energy in the first quarter valued at about $32,000. Fifth Third Bancorp boosted its position in Crescent Energy by 109.3% during the fourth quarter. Fifth Third Bancorp now owns 3,905 shares of the company's stock worth $33,000 after acquiring an additional 2,039 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Crescent Energy by 134.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company's stock worth $33,000 after acquiring an additional 2,286 shares during the last quarter. Quarry LP grew its stake in Crescent Energy by 303.5% in the 3rd quarter. Quarry LP now owns 4,152 shares of the company's stock worth $37,000 after acquiring an additional 3,123 shares during the period. Finally, Allworth Financial LP boosted its stake in Crescent Energy by 42.3% in the 4th quarter. Allworth Financial LP now owns 4,712 shares of the company's stock worth $40,000 after buying an additional 1,401 shares during the last quarter. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Stock Up 0.1%

Shares of Crescent Energy stock opened at $11.59 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00. The firm has a market cap of $3.83 billion, a P/E ratio of -231.65 and a beta of 1.41. Crescent Energy Company has a fifty-two week low of $7.68 and a fifty-two week high of $14.29. The business has a 50-day moving average price of $10.72 and a 200 day moving average price of $11.41.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%.The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.26 billion. The company's quarterly revenue was up 55.3% on a year-over-year basis. On average, sell-side analysts forecast that Crescent Energy Company will post 2.07 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $0.48 annualized dividend and a dividend yield of 4.1%. Crescent Energy's payout ratio is -960.00%.

Analysts Set New Price Targets

CRGY has been the topic of several research reports. Zacks Research lowered shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Stephens increased their price target on Crescent Energy from $17.00 to $18.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. UBS Group raised their price objective on Crescent Energy from $13.00 to $14.00 and gave the company a "buy" rating in a research report on Thursday. Wells Fargo & Company boosted their price objective on Crescent Energy from $14.00 to $18.00 and gave the stock an "overweight" rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Crescent Energy in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.83.

Crescent Energy Company Profile

Crescent Energy Co NYSE: CRGY is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company's core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy's integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy's operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin's stacked pay intervals.

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