Crescent Energy Company $CRGY Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Crescent Energy stake by 64.5% in the third quarter, purchasing 1.27 million additional shares. The fund now owns roughly 0.98% of CRGY, valued at $41.9 million.
• Crescent Energy reported quarterly results above expectations, with earnings of $0.69 per share versus the $0.59 consensus estimate and revenue of $1.39 billion, up 55.3% year over year.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $17.14 versus the stock’s reported price of $13.73. Crescent also pays a quarterly dividend of $0.12 per share, representing a 3.5% yield.

Assenagon Asset Management S.A. lifted its stake in shares of Crescent Energy Company (NYSE:CRGY - Free Report) by 64.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 3,251,891 shares of the company's stock after buying an additional 1,274,787 shares during the quarter. Assenagon Asset Management S.A. owned about 0.98% of Crescent Energy worth $41,917,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CRGY. Strs Ohio bought a new position in Crescent Energy in the 1st quarter valued at about $32,000. Farther Finance Advisors LLC lifted its position in Crescent Energy by 47.7% during the third quarter. Farther Finance Advisors LLC now owns 2,642 shares of the company's stock worth $34,000 after acquiring an additional 853 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Crescent Energy by 31.3% during the second quarter. Allworth Financial LP now owns 6,770 shares of the company's stock worth $66,000 after acquiring an additional 1,613 shares during the period. NFSG Corp boosted its holdings in shares of Crescent Energy by 188.0% during the first quarter. NFSG Corp now owns 6,364 shares of the company's stock worth $86,000 after acquiring an additional 4,154 shares during the period. Finally, Merit Financial Group LLC bought a new stake in shares of Crescent Energy during the second quarter worth approximately $101,000. Institutional investors own 52.11% of the company's stock.

Crescent Energy Price Performance

NYSE:CRGY opened at $13.73 on Friday. Crescent Energy Company has a 52 week low of $7.68 and a 52 week high of $15.47. The firm has a market cap of $5.80 billion, a price-to-earnings ratio of -274.51 and a beta of 1.60. The firm's 50-day simple moving average is $13.43 and its 200 day simple moving average is $12.31. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.94 and a current ratio of 0.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. The business had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.26 billion. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The company's revenue for the quarter was up 55.3% compared to the same quarter last year. As a group, sell-side analysts predict that Crescent Energy Company will post 2.42 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.48 annualized dividend and a dividend yield of 3.5%. Crescent Energy's dividend payout ratio (DPR) is currently -960.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CRGY shares. Scotiabank initiated coverage on Crescent Energy in a research report on Wednesday. They issued a "sector outperform" rating and a $18.00 target price on the stock. Raymond James Financial reissued a "strong-buy" rating on shares of Crescent Energy in a report on Thursday, September 10th. Seaport Research Partners assumed coverage on Crescent Energy in a report on Thursday, September 3rd. They set a "sell" rating and a $12.00 price target for the company. BMO Capital Markets restated a "market perform" rating and issued a $16.00 price target on shares of Crescent Energy in a research note on Friday, September 18th. Finally, Stephens upped their price objective on Crescent Energy from $17.00 to $18.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $17.14.

Crescent Energy Profile

Crescent Energy Company is an independent, U.S.-based energy company engaged in the acquisition, development, and operation of oil and natural gas properties. Its production portfolio includes crude oil, natural gas, and natural gas liquids, with an emphasis on established assets that offer ongoing development opportunities.

The company's operations are concentrated in several major U.S. onshore producing regions, including the Eagle Ford, the Uinta Basin, and other assets across the Rocky Mountain and central United States.

Want to see what other hedge funds are holding CRGY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crescent Energy Company (NYSE:CRGY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.