Pickering Energy Partners LP Raises Holdings in Crescent Energy Company $CRGY

Key Points

• Pickering Energy Partners LP dramatically increased its stake in Crescent Energy, boosting holdings by 5,373% in the fourth quarter to 2.19 million shares. The position now represents about 82% of the firm’s portfolio and was valued at roughly $18.4 million.
• Crescent Energy reported better-than-expected quarterly earnings, posting $0.53 EPS versus the $0.39 consensus estimate and revenue of $1.18 billion, up 24.5% year over year.
• Analysts remain broadly constructive on the stock, with several firms issuing overweight or buy ratings and a consensus price target of $16.00, above the recent trading price around $10.83.

Pickering Energy Partners LP grew its stake in Crescent Energy Company (NYSE:CRGY - Free Report) by 5,373.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,189,194 shares of the company's stock after purchasing an additional 2,149,194 shares during the quarter. Crescent Energy makes up about 82.1% of Pickering Energy Partners LP's holdings, making the stock its largest position. Pickering Energy Partners LP owned approximately 0.86% of Crescent Energy worth $18,367,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of Crescent Energy by 16.1% during the 1st quarter. Royal Bank of Canada now owns 58,900 shares of the company's stock worth $662,000 after purchasing an additional 8,173 shares during the period. AQR Capital Management LLC raised its stake in Crescent Energy by 8.9% in the 1st 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Crescent Energy by 6.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,670 shares of the company's stock valued at $1,109,000 after buying an additional 6,184 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Crescent Energy by 42.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company's stock valued at $44,616,000 after buying an additional 1,174,576 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Crescent Energy by 32.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 244,456 shares of the company's stock valued at $2,748,000 after buying an additional 59,199 shares in the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Stock Down 1.8%

NYSE CRGY opened at $10.83 on Wednesday. The stock's 50-day moving average price is $12.50 and its 200-day moving average price is $10.95. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. Crescent Energy Company has a 52 week low of $7.68 and a 52 week high of $14.29. The company has a market capitalization of $3.58 billion, a P/E ratio of -14.44 and a beta of 1.37.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.39 by $0.14. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the company earned $0.57 earnings per share. The business's revenue for the quarter was up 24.5% compared to the same quarter last year. On average, equities research analysts predict that Crescent Energy Company will post 1.99 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Monday, May 18th. Crescent Energy's dividend payout ratio (DPR) is -64.00%.

Analysts Set New Price Targets

Several research analysts have recently commented on CRGY shares. KeyCorp reissued an "overweight" rating and set a $19.00 price objective on shares of Crescent Energy in a report on Thursday, June 11th. JPMorgan Chase & Co. raised Crescent Energy from a "neutral" rating to an "overweight" rating and set a $19.00 price objective for the company in a research note on Friday, March 20th. Wall Street Zen raised Crescent Energy from a "hold" rating to a "buy" rating in a research note on Sunday, May 10th. Raymond James Financial restated a "strong-buy" rating and set a $20.00 target price on shares of Crescent Energy in a report on Thursday, April 30th. Finally, Stephens restated an "overweight" rating and set a $18.00 target price on shares of Crescent Energy in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $16.00.

Crescent Energy Profile

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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