HITE Hedge Asset Management LLC Invests $10.09 Million in Crescent Energy Company $CRGY

Key Points

• HITE Hedge Asset Management LLC has invested approximately $10.09 million in Crescent Energy Company, acquiring 897,456 shares, representing a 0.35% stake in the firm.
• Several institutional investors, including JPMorgan Chase & Co. and Wells Fargo & Company, have significantly increased their stakes in Crescent Energy, indicating growing interest from the investment community.
• Crescent Energy recently announced a quarterly dividend of $0.12 per share, yielding 5.1%, despite a negative payout ratio of -266.67%.

HITE Hedge Asset Management LLC acquired a new stake in Crescent Energy Company (NYSE:CRGY - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 897,456 shares of the company's stock, valued at approximately $10,087,000. HITE Hedge Asset Management LLC owned 0.35% of Crescent Energy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRGY. JPMorgan Chase & Co. lifted its stake in shares of Crescent Energy by 326.2% in the 4th quarter. JPMorgan Chase & Co. now owns 268,844 shares of the company's stock valued at $3,928,000 after purchasing an additional 205,760 shares during the period. Wells Fargo & Company MN lifted its stake in Crescent Energy by 13.7% in the fourth quarter. Wells Fargo & Company MN now owns 211,574 shares of the company's stock valued at $3,091,000 after buying an additional 25,447 shares during the period. Envestnet Asset Management Inc. acquired a new position in shares of Crescent Energy during the 4th quarter worth about $187,000. Bank of Montreal Can increased its stake in shares of Crescent Energy by 140.8% in the 4th quarter. Bank of Montreal Can now owns 32,949 shares of the company's stock valued at $481,000 after acquiring an additional 19,265 shares during the last quarter. Finally, Invesco Ltd. increased its stake in Crescent Energy by 117.7% in the fourth quarter. Invesco Ltd. now owns 1,384,228 shares of the company's stock valued at $20,224,000 after purchasing an additional 748,299 shares in the last quarter. 52.11% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Crescent Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Mizuho cut their target price on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. KeyCorp decreased their price target on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company cut their price objective on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Finally, Piper Sandler lifted their price target on shares of Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $16.10.

Crescent Energy Trading Down 2.4%

Shares of Crescent Energy stock opened at $9.42 on Monday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a 50-day moving average of $9.13 and a 200-day moving average of $10.02. Crescent Energy Company has a 52-week low of $6.83 and a 52-week high of $16.94. The stock has a market cap of $2.40 billion, a PE ratio of -52.33 and a beta of 1.86.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. The firm had revenue of $897.98 million for the quarter, compared to analyst estimates of $868.34 million. As a group, sell-side analysts forecast that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be given a $0.12 dividend. The ex-dividend date is Monday, August 18th. This represents a $0.48 annualized dividend and a dividend yield of 5.1%. Crescent Energy's payout ratio is presently -266.67%.

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.

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