Engineers Gate Manager LP Takes $1.18 Million Position in Crescent Energy Company $CRGY

Key Points

• Engineers Gate Manager LP acquired 120,464 shares of Crescent Energy in the second quarter, valued at approximately $1.18 million. Institutional investors collectively own 52.11% of the company.
• Crescent Energy reported quarterly earnings of $0.69 per share, beating estimates by $0.10, while revenue rose 55.3% year over year to $1.39 billion.
• The company pays a quarterly dividend of $0.12 per share, representing a 3.5% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $17.08, above the reported share price of $13.91.

Engineers Gate Manager LP acquired a new position in Crescent Energy Company (NYSE:CRGY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 120,464 shares of the company's stock, valued at approximately $1,183,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in shares of Crescent Energy by 308.2% in the first quarter. Bank of America Corp DE now owns 3,056,820 shares of the company's stock worth $41,267,000 after purchasing an additional 2,307,971 shares in the last quarter. Pickering Energy Partners LP lifted its stake in shares of Crescent Energy by 5,373.0% during the 4th quarter. Pickering Energy Partners LP now owns 2,189,194 shares of the company's stock valued at $18,367,000 after buying an additional 2,149,194 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Crescent Energy during the 2nd quarter valued at approximately $19,415,000. Kohlberg Kravis Roberts & Co. L.P. boosted its holdings in Crescent Energy by 7.1% in the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company's stock worth $386,847,000 after buying an additional 1,897,230 shares during the period. Finally, Jennison Associates LLC boosted its holdings in Crescent Energy by 74.1% in the 1st quarter. Jennison Associates LLC now owns 4,254,407 shares of the company's stock worth $57,435,000 after buying an additional 1,810,225 shares during the period. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Stock Down 1.4%

Shares of NYSE CRGY opened at $13.91 on Friday. The stock has a market capitalization of $4.59 billion, a P/E ratio of -278.08 and a beta of 1.45. Crescent Energy Company has a one year low of $7.68 and a one year high of $15.47. The firm's 50 day simple moving average is $12.54 and its two-hundred day simple moving average is $12.19. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.94 and a quick ratio of 0.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.26 billion. The firm's revenue was up 55.3% on a year-over-year basis. As a group, analysts expect that Crescent Energy Company will post 2.17 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have issued reports on CRGY. BMO Capital Markets reissued a "market perform" rating and set a $16.00 target price on shares of Crescent Energy in a report on Friday. KeyCorp reaffirmed an "overweight" rating and issued a $19.00 price target on shares of Crescent Energy in a report on Thursday, June 11th. Weiss Ratings upgraded Crescent Energy from a "sell (d)" rating to a "hold (c)" rating in a research report on Monday, August 17th. Zacks Research lowered Crescent Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. Finally, Morgan Stanley cut Crescent Energy to an "underweight" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Crescent Energy has a consensus rating of "Moderate Buy" and a consensus price target of $17.08.

Crescent Energy Profile

Crescent Energy Company NYSE: CRGY is an independent energy company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include drilling, production, field operations and the management of onshore energy assets.

The company maintains a portfolio of producing and development properties in several U.S. regions, including the Eagle Ford, Uinta and Rocky Mountain areas. Its operations are focused primarily on crude oil, natural gas and natural gas liquids, with an emphasis on acquiring established assets and improving their production and operating performance.

Crescent Energy was formed in 2021 through the combination of Crescent Energy and Independence Energy, bringing together portfolios backed by private-equity investment.

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