Alyeska Investment Group L.P. Buys 1,298,155 Shares of Crescent Energy Company $CRGY

Key Points

• Alyeska Investment Group L.P. increased its stake in Crescent Energy Company by 452.3%, now owning approximately 1,585,185 shares valued at about $17.8 million.
• For the latest quarter, Crescent Energy reported $0.43 earnings per share, exceeding estimates, with revenue of $897.98 million.
• The company recently announced a quarterly dividend of $0.12 per share, yielding 5.2%, although it has a payout ratio of -266.67%.

Alyeska Investment Group L.P. increased its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 452.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,585,185 shares of the company's stock after acquiring an additional 1,298,155 shares during the period. Alyeska Investment Group L.P. owned about 0.62% of Crescent Energy worth $17,817,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Nuveen LLC bought a new stake in Crescent Energy in the first quarter worth $21,782,000. American Century Companies Inc. lifted its stake in Crescent Energy by 10.0% in the first quarter. American Century Companies Inc. now owns 13,967,599 shares of the company's stock worth $156,996,000 after purchasing an additional 1,266,674 shares during the last quarter. HITE Hedge Asset Management LLC bought a new stake in Crescent Energy in the first quarter worth $10,087,000. Millennium Management LLC lifted its stake in Crescent Energy by 63.9% in the fourth quarter. Millennium Management LLC now owns 2,230,672 shares of the company's stock worth $32,590,000 after purchasing an additional 869,612 shares during the last quarter. Finally, Woodline Partners LP lifted its stake in Crescent Energy by 21.9% in the fourth quarter. Woodline Partners LP now owns 4,767,362 shares of the company's stock worth $69,651,000 after purchasing an additional 856,963 shares during the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on CRGY. William Blair began coverage on shares of 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. Mizuho lowered their price target on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Zacks Research downgraded shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Finally, Wall Street Zen raised shares of Crescent Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One investment 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. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $16.00.

Crescent Energy Trading Up 3.0%

Shares of NYSE:CRGY traded up $0.25 during midday trading on Wednesday, hitting $8.47. 3,070,608 shares of the stock traded hands, compared to its average volume of 3,650,885. The stock has a market capitalization of $2.16 billion, a PE ratio of -47.03 and a beta of 1.98. The business's 50 day moving average is $9.15 and its two-hundred day moving average is $9.39. 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 one year low of $6.83 and a one year high of $16.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.23 by $0.20. The firm had revenue of $897.98 million during 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%. As a group, research analysts forecast that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Monday, August 18th. Crescent Energy's dividend payout ratio is presently -266.67%.

Crescent Energy Company 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.