Readystate Asset Management LP Invests $2.23 Million in Crescent Energy Company $CRGY

Key Points

• Readystate Asset Management acquired 164,979 shares of Crescent Energy worth approximately $2.23 million during the first quarter. Institutional investors collectively own 52.11% of the company.
• Analyst sentiment is generally positive, with Crescent Energy receiving a “Moderate Buy” consensus rating and an average price target of $15.58, despite some recent downgrades.
• Crescent Energy reported quarterly revenue of $1.18 billion and earnings of $0.53 per share, beating estimates, while revenue rose 24.5% year over year. The company also declared a quarterly dividend of $0.12, representing an annualized yield of about 4.6%.

Readystate Asset Management LP acquired a new position in Crescent Energy Company (NYSE:CRGY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 164,979 shares of the company's stock, valued at approximately $2,227,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC raised its position in shares of Crescent Energy by 7.3% in the 1st quarter. Empowered Funds LLC now owns 1,341,270 shares of the company's stock worth $18,107,000 after purchasing an additional 91,388 shares during the last quarter. Quantinno Capital Management LP raised its stake in shares of Crescent Energy by 2.0% in the first quarter. Quantinno Capital Management LP now owns 164,016 shares of the company's stock worth $2,214,000 after purchasing an additional 3,160 shares during the last quarter. Kohlberg Kravis Roberts & Co. L.P. boosted its position in shares of Crescent Energy by 7.1% during the first quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 28,655,357 shares of the company's stock valued at $386,847,000 after buying an additional 1,897,230 shares during the last quarter. Lazard Asset Management LLC increased its holdings in Crescent Energy by 5.4% in the 1st quarter. Lazard Asset Management LLC now owns 155,349 shares of the company's stock worth $2,097,000 after buying an additional 8,003 shares in the last quarter. Finally, Van Den Berg Management I Inc. raised its position in Crescent Energy by 4.2% in the 1st quarter. Van Den Berg Management I Inc. now owns 227,213 shares of the company's stock worth $3,067,000 after buying an additional 9,060 shares during the last quarter. Institutional investors own 52.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. UBS Group began coverage on shares of Crescent Energy in a report on Tuesday, July 14th. They issued a "buy" rating and a $13.00 target price on the stock. Wells Fargo & Company upped their price objective on Crescent Energy from $14.00 to $18.00 and gave the company an "overweight" rating in a research report on Thursday, April 23rd. Wall Street Zen cut Crescent Energy from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Weiss Ratings cut shares of Crescent Energy from a "hold (c)" rating to a "sell (d)" rating in a research note on Wednesday, May 6th. Finally, Raymond James Financial cut their target price on shares of Crescent Energy from $20.00 to $18.00 and set a "strong-buy" rating for the company in a research report on Thursday, June 18th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Crescent Energy presently has an average rating of "Moderate Buy" and a consensus target price of $15.58.

Crescent Energy Stock Performance

CRGY opened at $10.47 on Wednesday. The company has a 50 day simple moving average of $10.93 and a two-hundred day simple moving average of $11.24. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market cap of $3.46 billion, a P/E ratio of -13.97 and a beta of 1.40. 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 announced its quarterly earnings data on Monday, May 4th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.39 by $0.14. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the firm earned $0.57 EPS. The company's revenue was up 24.5% on a year-over-year basis. Equities analysts forecast that Crescent Energy Company will post 1.78 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Monday, May 18th. Crescent Energy's dividend payout ratio is presently -64.00%.

Crescent Energy Company 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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