Citigroup Inc. Has $2.24 Million Stock Holdings in Crescent Energy Company $CRGY

Key Points

• Citigroup slashed its Crescent Energy stake by 75.7% in Q3, selling 781,341 shares and retaining 250,816 shares worth about $2.24 million (roughly 0.10% of the company).
• Crescent Energy beat Q4 estimates with $0.49 EPS versus a $0.30 consensus and announced a quarterly dividend of $0.12 (annualized yield ~4.1%) despite a high payout ratio of 92.3%.
• Analysts are mixed but modestly positive: the consensus rating is a "Moderate Buy" with an average price target of $12.67, alongside recent upgrades and at least one price-target cut to $13.00.

Citigroup Inc. reduced its position in Crescent Energy Company (NYSE:CRGY - Free Report) by 75.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 250,816 shares of the company's stock after selling 781,341 shares during the period. Citigroup Inc. owned about 0.10% of Crescent Energy worth $2,237,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRGY. JPMorgan Chase & Co. increased its position in Crescent Energy by 4.5% during the third quarter. JPMorgan Chase & Co. now owns 200,607 shares of the company's stock worth $1,789,000 after buying an additional 8,583 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Crescent Energy by 23.8% in the third quarter. PNC Financial Services Group Inc. now owns 15,749 shares of the company's stock valued at $140,000 after buying an additional 3,023 shares during the last quarter. Mraz Amerine & Associates Inc. lifted its position in shares of Crescent Energy by 2.1% in the third quarter. Mraz Amerine & Associates Inc. now owns 205,647 shares of the company's stock valued at $1,834,000 after buying an additional 4,223 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in shares of Crescent Energy by 15.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 724,991 shares of the company's stock worth $6,467,000 after acquiring an additional 98,428 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its stake in shares of Crescent Energy by 20.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 105,315 shares of the company's stock worth $939,000 after acquiring an additional 18,001 shares during the period. Institutional investors own 52.11% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Zacks Research upgraded Crescent Energy from a "strong sell" rating to a "hold" rating in a research note on Tuesday, January 20th. BMO Capital Markets initiated coverage on shares of Crescent Energy in a research report on Friday, January 9th. They set a "market perform" rating and a $10.00 price objective for the company. William Blair reiterated an "outperform" rating on shares of Crescent Energy in a report on Friday. Weiss Ratings raised shares of Crescent Energy from a "sell (d+)" rating to a "hold (c)" rating in a research report on Friday, February 27th. Finally, Wells Fargo & Company cut their target price on shares of Crescent Energy from $15.00 to $13.00 and set an "overweight" rating for the company in a research note on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Crescent Energy presently has an average rating of "Moderate Buy" and an average target price of $12.67.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $11.77 on Friday. The firm has a market cap of $3.86 billion, a P/E ratio of 22.63 and a beta of 1.57. The business's 50 day moving average is $9.54 and its 200-day moving average is $9.12. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.07. Crescent Energy Company has a 1-year low of $6.83 and a 1-year high of $12.40.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.19. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%.The business had revenue of $865.05 million during the quarter, compared to the consensus estimate of $884.64 million. Equities research analysts predict that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, March 11th. Crescent Energy's payout ratio is presently 92.31%.

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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