Corigliano Investment Advisers LLC Takes Position in Crescent Energy Company $CRGY

Key Points

• Corigliano Investment Advisers initiated a new position in Crescent Energy during the fourth quarter, buying 311,500 shares worth about $2.61 million. The stake represented roughly 0.9% of its portfolio.
• Other institutional investors also increased exposure to CRGY, including Vanguard, Balyasny, State Street, Charles Schwab, and Dimensional Fund Advisors. Overall, hedge funds and other institutions own 52.11% of the company.
• Crescent Energy beat quarterly expectations, reporting $0.53 EPS versus $0.39 expected and revenue of $1.18 billion, while also paying a quarterly dividend of $0.12. Analysts currently have a consensus Moderate Buy rating with an average price target of $16.00.

Corigliano Investment Advisers LLC bought a new position in Crescent Energy Company (NYSE:CRGY - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 311,500 shares of the company's stock, valued at approximately $2,613,000. Crescent Energy makes up approximately 0.9% of Corigliano Investment Advisers LLC's investment portfolio, making the stock its 27th biggest position. Corigliano Investment Advisers LLC owned about 0.12% of Crescent Energy as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CRGY. Vanguard Group Inc. raised its position in Crescent Energy by 34.6% in the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company's stock valued at $228,981,000 after purchasing an additional 7,015,982 shares during the period. Balyasny Asset Management L.P. increased its stake in Crescent Energy by 775.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,303,260 shares of the company's stock worth $27,714,000 after purchasing an additional 2,925,780 shares during the period. State Street Corp lifted its holdings in Crescent Energy by 27.6% during the 4th quarter. State Street Corp now owns 12,808,605 shares of the company's stock worth $107,464,000 after buying an additional 2,767,096 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Crescent Energy by 77.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,105,558 shares of the company's stock valued at $42,836,000 after acquiring an additional 2,234,324 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Crescent Energy by 20.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,872,215 shares of the company's stock valued at $107,999,000 after purchasing an additional 2,213,352 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CRGY shares. Johnson Rice restated an "accumulate" rating and issued a $19.00 price target on shares of Crescent Energy in a research note on Wednesday, March 25th. Wells Fargo & Company boosted their price objective on Crescent Energy from $14.00 to $18.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. JPMorgan Chase & Co. raised shares of Crescent Energy from a "neutral" rating to an "overweight" rating and set a $19.00 target price for the company in a report on Friday, March 20th. Zacks Research upgraded shares of Crescent Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 3rd. Finally, Mizuho raised their price target on Crescent Energy from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $16.00.

Crescent Energy Price Performance

CRGY stock opened at $10.78 on Thursday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market cap of $3.56 billion, a P/E ratio of -14.38 and a beta of 1.37. Crescent Energy Company has a 1 year low of $7.68 and a 1 year high of $14.29. The stock's 50 day moving average price is $12.45 and its 200 day moving average price is $10.96.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.14. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.15 billion. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The firm's quarterly revenue was up 24.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. On average, sell-side analysts expect that Crescent Energy Company will post 1.99 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Monday, May 18th. Crescent Energy's dividend payout ratio (DPR) is presently -64.00%.

Crescent Energy 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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