HITE Hedge Asset Management LLC Makes New $10.09 Million Investment 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 shares of Crescent Energy Company (NYSE:CRGY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in Crescent Energy by 7.4% during the 1st quarter. Principal Financial Group Inc. now owns 910,171 shares of the company's stock valued at $10,230,000 after acquiring an additional 62,622 shares during the period. Amalgamated Bank boosted its holdings in Crescent Energy by 3.0% during the 1st quarter. Amalgamated Bank now owns 51,467 shares of the company's stock valued at $578,000 after acquiring an additional 1,506 shares during the period. Victory Capital Management Inc. boosted its holdings in Crescent Energy by 12.4% during the 1st quarter. Victory Capital Management Inc. now owns 849,692 shares of the company's stock valued at $9,551,000 after acquiring an additional 93,690 shares during the period. KBC Group NV purchased a new position in Crescent Energy during the 1st quarter valued at $117,000. Finally, Bank of New York Mellon Corp boosted its holdings in Crescent Energy by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 9,435,708 shares of the company's stock valued at $106,057,000 after acquiring an additional 173,832 shares during the period. Hedge funds and other institutional investors own 52.11% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CRGY. Mizuho lowered their target price on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Raymond James Financial reissued a "strong-buy" rating and issued a $14.00 price target (down from $16.00) on shares of Crescent Energy in a research report on Friday. Zacks Research lowered Crescent Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Wells Fargo & Company reduced their target price on 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 increased their price objective on Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Crescent Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.70.

Crescent Energy Stock Performance

Shares of CRGY traded up $0.5520 during mid-day trading on Friday, reaching $9.9320. The company had a trading volume of 2,708,298 shares, compared to its average volume of 2,959,470. Crescent Energy Company has a 52-week low of $6.83 and a 52-week high of $16.94. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $2.53 billion, a P/E ratio of -55.18 and a beta of 1.86. The stock has a 50 day moving average of $9.13 and a two-hundred day moving average of $9.89.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.43 EPS for the quarter, topping 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 firm had revenue of $897.98 million for the quarter, compared to the consensus estimate of $868.34 million. On average, analysts expect that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a dividend of $0.12 per share. The ex-dividend date is Monday, August 18th. This represents a $0.48 dividend on an annualized basis and a yield of 4.8%. Crescent Energy's dividend payout ratio is currently -266.67%.

Crescent Energy 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.