Pacer Advisors Inc. Purchases 228,327 Shares of Crescent Energy Company $CRGY

Key Points

• Pacer Advisors increased its Crescent Energy stake by 13.3%, purchasing 228,327 shares to own 1.95 million shares valued at approximately $26.3 million. Institutional investors collectively hold 52.11% of the company.
• Crescent Energy reported quarterly EPS of $0.69, beating estimates of $0.59, while revenue reached $1.39 billion, up 55.3% year over year and above analyst expectations.
• The stock opened at $11.43, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $15.67, implying potential upside.

Pacer Advisors Inc. increased its position in shares of Crescent Energy Company (NYSE:CRGY - Free Report) by 13.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,948,082 shares of the company's stock after buying an additional 228,327 shares during the quarter. Pacer Advisors Inc. owned about 0.59% of Crescent Energy worth $26,299,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Jennison Associates LLC lifted its holdings in shares of 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 purchasing an additional 1,810,225 shares in the last quarter. Kohlberg Kravis Roberts & Co. L.P. increased its stake in Crescent Energy by 7.1% during the 1st quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company's stock valued at $386,847,000 after purchasing an additional 1,897,230 shares in the last quarter. Wolverine Asset Management LLC bought a new stake in Crescent Energy during the 4th quarter valued at $860,000. Legal & General Group Plc raised its holdings in Crescent Energy by 27.5% during the fourth quarter. Legal & General Group Plc now owns 585,827 shares of the company's stock worth $4,915,000 after buying an additional 126,330 shares during the last quarter. Finally, McAlvany Wealth Management LLC acquired a new position in Crescent Energy during the fourth quarter worth $1,130,000. Institutional investors own 52.11% of the company's stock.

Crescent Energy Price Performance

Shares of NYSE:CRGY opened at $11.43 on Tuesday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.12. The stock has a market cap of $3.77 billion, a PE ratio of -15.24 and a beta of 1.41. The stock's fifty day simple moving average is $10.77 and its two-hundred day simple moving average is $11.33. Crescent Energy Company has a 1-year low of $7.68 and a 1-year high of $14.29.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.26 billion. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The company's revenue was up 55.3% on a year-over-year basis. As a group, analysts forecast that Crescent Energy Company will post 1.78 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Stephens reiterated an "overweight" rating and set a $18.00 price objective on shares of Crescent Energy in a report on Tuesday, May 5th. Zacks Research lowered shares of Crescent Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Weiss Ratings cut shares of Crescent Energy from a "hold (c)" rating to a "sell (d)" rating in a research report on Wednesday, May 6th. UBS Group began coverage on Crescent Energy in a research note on Tuesday, July 14th. They set a "buy" rating and a $13.00 price target for the company. Finally, Mizuho boosted their price objective on Crescent Energy from $14.00 to $15.00 and gave the stock a "neutral" rating in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Crescent Energy currently has an average rating of "Moderate Buy" and an average target price of $15.67.

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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