Kohlberg Kravis Roberts & Co. L.P. Acquires 1,897,230 Shares of Crescent Energy Company $CRGY

Key Points

• Kohlberg Kravis Roberts increased its Crescent Energy stake by 7.1%, purchasing 1.9 million additional shares to own 28.66 million shares, or approximately 8.68% of the company. Institutional investors and hedge funds collectively own 52.11% of Crescent Energy.
• Crescent Energy reported quarterly EPS of $0.53, exceeding estimates of $0.39, while revenue rose 24.5% year over year to $1.18 billion. The company also pays a quarterly dividend of $0.12, equivalent to a 4.3% annual yield.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and a $15.58 target price, despite ratings ranging from “Strong Buy” to “Sell.” The stock opened at $11.29, compared with a 52-week range of $7.68 to $14.29.

Kohlberg Kravis Roberts & Co. L.P. lifted its holdings in Crescent Energy Company (NYSE:CRGY - Free Report) by 7.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 28,655,357 shares of the company's stock after buying an additional 1,897,230 shares during the quarter. Crescent Energy makes up 7.2% of Kohlberg Kravis Roberts & Co. L.P.'s portfolio, making the stock its 4th biggest position. Kohlberg Kravis Roberts & Co. L.P. owned approximately 8.68% of Crescent Energy worth $386,847,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Osaic Holdings Inc. raised its stake in Crescent Energy by 25.2% during the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company's stock worth $46,000 after acquiring an additional 1,066 shares during the period. First Citizens Bank & Trust Co. lifted its holdings in Crescent Energy by 1.8% in the fourth quarter. First Citizens Bank & Trust Co. now owns 65,241 shares of the company's stock worth $547,000 after acquiring an additional 1,152 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in Crescent Energy by 2.0% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 62,706 shares of the company's stock valued at $526,000 after acquiring an additional 1,245 shares during the period. AQR Capital Management LLC boosted its stake in Crescent Energy by 8.9% in the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company's stock valued at $192,000 after acquiring an additional 1,397 shares during the period. Finally, Allworth Financial LP grew its holdings in shares of Crescent Energy by 42.3% during the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company's stock valued at $40,000 after purchasing an additional 1,401 shares during the last quarter. 52.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Weiss Ratings cut Crescent Energy from a "hold (c)" rating to a "sell (d)" rating in a research report on Wednesday, May 6th. Raymond James Financial lowered their price objective on Crescent Energy from $20.00 to $18.00 and set a "strong-buy" rating for the company in a research note on Thursday, June 18th. Wall Street Zen lowered Crescent Energy from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Wells Fargo & Company increased their target price on Crescent Energy from $14.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Finally, KeyCorp reiterated an "overweight" rating and issued a $19.00 target price on shares of Crescent Energy in a research note on Thursday, June 11th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $15.58.

Crescent Energy Stock Up 0.2%

CRGY opened at $11.29 on Monday. Crescent Energy Company has a one year low of $7.68 and a one year high of $14.29. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.57 and a current ratio of 0.57. The stock's fifty day moving average is $11.06 and its 200-day moving average is $11.20. The company has a market capitalization of $3.73 billion, a PE ratio of -15.05 and a beta of 1.40.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.14. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The company's revenue was up 24.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. On average, equities analysts predict that Crescent Energy Company will post 1.77 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Monday, May 18th. Crescent Energy's dividend payout ratio is presently -64.00%.

About Crescent Energy

Crescent Energy Co NYSE: CRGY is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company's core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy's integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy's operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin's stacked pay intervals.

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