Woodline Partners LP Cuts Stock Position in Crescent Energy Company $CRGY

Key Points

• Woodline Partners LP reduced its holdings in Crescent Energy Company by 75.4%, selling 3,594,692 shares and retaining 1,172,670 shares valued at approximately $13.18 million.
• Analysts have varied ratings for Crescent Energy, with a consensus rating of "Moderate Buy" and an average price target of $16.00, following several upgrades and downgrades in recent months.
• The company reported $0.43 earnings per share for the most recent quarter, exceeding expectations, and declared a quarterly dividend of $0.12 per share with a yield of 5.4%.

Woodline Partners LP reduced its position in Crescent Energy Company (NYSE:CRGY - Free Report) by 75.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,172,670 shares of the company's stock after selling 3,594,692 shares during the quarter. Woodline Partners LP owned approximately 0.46% of Crescent Energy worth $13,181,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Brooklyn Investment Group grew its position in Crescent Energy by 1,110.3% in the 1st quarter. Brooklyn Investment Group now owns 2,457 shares of the company's stock valued at $28,000 after acquiring an additional 2,254 shares in the last quarter. Allworth Financial LP acquired a new position in Crescent Energy in the 1st quarter valued at about $34,000. Public Employees Retirement System of Ohio grew its position in Crescent Energy by 35.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock valued at $40,000 after acquiring an additional 705 shares in the last quarter. DRW Securities LLC acquired a new position in Crescent Energy in the 1st quarter valued at about $115,000. Finally, KBC Group NV acquired a new position in shares of Crescent Energy during the first quarter worth about $117,000. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Stock Performance

NYSE CRGY traded up $0.09 on Wednesday, reaching $8.85. The stock had a trading volume of 879,867 shares, compared to its average volume of 3,689,229. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.88 and a current ratio of 0.88. Crescent Energy Company has a 12-month low of $6.83 and a 12-month high of $16.94. The business's 50-day moving average price is $9.10 and its 200 day moving average price is $9.23. The stock has a market cap of $2.25 billion, a P/E ratio of -49.28 and a beta of 1.98.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.20. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%.The company had revenue of $897.98 million during the quarter, compared to analysts' expectations of $868.34 million. As a group, equities analysts expect 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. Stockholders of record on Monday, August 18th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Monday, August 18th. Crescent Energy's dividend payout ratio is -266.67%.

Analyst Upgrades and Downgrades

CRGY has been the subject of a number of analyst reports. William Blair initiated coverage on Crescent Energy in a research report on Monday, August 25th. They set an "outperform" rating for the company. Zacks Research downgraded Crescent Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Wall Street Zen raised Crescent Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Mizuho lowered their price objective on Crescent Energy from $12.00 to $10.00 and set a "neutral" rating for the company in a research report on Monday. Finally, Wells Fargo & Company lowered their price objective on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.80.

About Crescent Energy

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.