Pacer Advisors Inc. Decreases Position in Crescent Energy Company (NYSE:CRGY)

Key Points

• Pacer Advisors Inc. has significantly reduced its stake in Crescent Energy Company by selling 9,429,311 shares, now holding only 2,268,472 shares, which is about 0.88% of the company.
• Crescent Energy's stock price has recently dropped by 0.8% and is trading at $9.21, with a 12-month low of $6.83 and a high of $16.94.
• The company reported a quarterly earnings per share of $0.56, exceeding the analyst consensus estimate of $0.47, alongside revenue of $950.17 million.

Pacer Advisors Inc. lessened its holdings in shares of Crescent Energy Company (NYSE:CRGY - Free Report) by 80.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,268,472 shares of the company's stock after selling 9,429,311 shares during the period. Pacer Advisors Inc. owned 0.88% of Crescent Energy worth $25,498,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Allworth Financial LP acquired a new position in Crescent Energy during the first quarter worth approximately $34,000. Public Employees Retirement System of Ohio increased its position in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock worth $40,000 after buying an additional 705 shares during the period. Quarry LP increased its position in Crescent Energy by 263.4% during the fourth quarter. Quarry LP now owns 4,353 shares of the company's stock worth $64,000 after buying an additional 3,155 shares during the period. KBC Group NV acquired a new position in Crescent Energy during the first quarter worth approximately $117,000. Finally, Paloma Partners Management Co acquired a new position in Crescent Energy during the fourth quarter worth approximately $146,000. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Price Performance

Shares of Crescent Energy stock traded down $0.08 during trading on Friday, reaching $9.21. The company's stock had a trading volume of 2,152,557 shares, compared to its average volume of 2,654,708. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.10. Crescent Energy Company has a 12-month low of $6.83 and a 12-month high of $16.94. The company has a market capitalization of $2.35 billion, a P/E ratio of -20.46 and a beta of 1.74. The business has a 50 day moving average price of $8.96 and a 200-day moving average price of $10.74.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.09. Crescent Energy had a positive return on equity of 14.21% and a negative net margin of 2.88%. The firm had revenue of $950.17 million for the quarter, compared to the consensus estimate of $937.55 million. As a group, sell-side analysts anticipate that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.21%. Crescent Energy's dividend payout ratio (DPR) is presently -106.67%.

Wall Street Analyst Weigh In

Several research firms have commented on CRGY. KeyCorp cut their price target on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Mizuho lowered 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. Wells Fargo & Company lowered their target price on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Finally, Piper Sandler lifted their target price on Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Crescent Energy currently has an average rating of "Moderate Buy" and a consensus target price of $16.10.

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.