Readystate Asset Management LP Raises Holdings in Crescent Energy Company $CRGY

Key Points

• Readystate Asset Management increased its Crescent Energy holdings by 275.4% in the second quarter, adding 454,308 shares to own 619,287 shares valued at approximately $6.1 million. Institutional investors collectively own 52.11% of the company.
• Crescent Energy reported quarterly earnings of $0.69 per share, exceeding estimates by $0.10, while revenue rose 55.3% year over year to $1.39 billion. The company also paid a quarterly dividend of $0.12 per share, representing a 3.5% annualized yield.
• Analyst views are mixed, but the stock carries a consensus “Moderate Buy” rating with a $15.92 price target, compared with a recent share price of $13.78.

Readystate Asset Management LP grew its holdings in Crescent Energy Company (NYSE:CRGY - Free Report) by 275.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 619,287 shares of the company's stock after buying an additional 454,308 shares during the quarter. Readystate Asset Management LP owned about 0.19% of Crescent Energy worth $6,081,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Strs Ohio purchased a new position in Crescent Energy in the first quarter worth $32,000. Fifth Third Bancorp boosted its position in shares of Crescent Energy by 109.3% during the 4th quarter. Fifth Third Bancorp now owns 3,905 shares of the company's stock worth $33,000 after purchasing an additional 2,039 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in shares of Crescent Energy by 134.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company's stock worth $33,000 after purchasing an additional 2,286 shares during the period. Quarry LP increased its holdings in shares of Crescent Energy by 303.5% in the 3rd quarter. Quarry LP now owns 4,152 shares of the company's stock valued at $37,000 after purchasing an additional 3,123 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in shares of Crescent Energy by 42.3% in the 4th 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 in the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $13.78 on Monday. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of -275.54 and a beta of 1.45. Crescent Energy Company has a 52 week low of $7.68 and a 52 week high of $14.53. The company's 50-day moving average price is $11.57 and its 200 day moving average price is $11.93. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.26 billion. Crescent Energy's revenue for the quarter was up 55.3% compared to the same quarter last year. As a group, research analysts forecast that Crescent Energy Company will post 2.07 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, August 17th. Crescent Energy's dividend payout ratio (DPR) is -960.00%.

Analyst Upgrades and Downgrades

Several analysts recently commented on CRGY shares. Morgan Stanley cut shares of Crescent Energy to an "underweight" rating in a research note on Monday, August 3rd. Seaport Research Partners assumed coverage on shares of Crescent Energy in a research report on Thursday. They set a "sell" rating and a $12.00 target price on the stock. KeyCorp reiterated an "overweight" rating and set a $19.00 price target on shares of Crescent Energy in a research report on Thursday, June 11th. Wall Street Zen upgraded shares of Crescent Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, Zacks Research lowered Crescent Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $15.92.

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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