Seven Grand Managers LLC Sells 250,000 Shares of Crescent Energy Company $CRGY

Key Points

• Seven Grand Managers LLC has reduced its stake in Crescent Energy Company by 50%, now owning 250,000 shares, which reflects a value of approximately $2.8 million and makes it the 29th largest holding in their portfolio.
• The company's recent earnings report showed an EPS of $0.43, surpassing estimates by $0.20, with a revenue of nearly $898 million for the quarter.
• Crescent Energy announced a quarterly dividend of $0.12, translating to a 5.0% yield, despite a negative dividend payout ratio of -266.67%.

Seven Grand Managers LLC trimmed its holdings in shares of Crescent Energy Company (NYSE:CRGY - Free Report) by 50.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 250,000 shares of the company's stock after selling 250,000 shares during the period. Crescent Energy comprises approximately 0.7% of Seven Grand Managers LLC's investment portfolio, making the stock its 29th biggest position. Seven Grand Managers LLC owned approximately 0.10% of Crescent Energy worth $2,810,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in Crescent Energy by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 9,435,708 shares of the company's stock worth $106,057,000 after buying an additional 173,832 shares in the last quarter. Jennison Associates LLC boosted its holdings in Crescent Energy by 3.3% during the first quarter. Jennison Associates LLC now owns 4,944,038 shares of the company's stock worth $55,571,000 after buying an additional 158,712 shares in the last quarter. Woodline Partners LP boosted its holdings in Crescent Energy by 21.9% during the fourth quarter. Woodline Partners LP now owns 4,767,362 shares of the company's stock worth $69,651,000 after buying an additional 856,963 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Crescent Energy by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,933,622 shares of the company's stock worth $57,469,000 after buying an additional 129,804 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC bought a new stake in Crescent Energy during the fourth quarter worth approximately $36,593,000. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Stock Up 0.6%

CRGY stock traded up $0.0560 during midday trading on Wednesday, reaching $9.2760. The company had a trading volume of 2,725,446 shares, compared to its average volume of 3,070,568. Crescent Energy Company has a 1 year low of $6.83 and a 1 year high of $16.94. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $2.36 billion, a P/E ratio of -51.53 and a beta of 1.86. The company has a 50 day moving average of $9.13 and a two-hundred day moving average of $9.97.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. The company had revenue of $897.98 million during the quarter, compared to the consensus estimate of $868.34 million. On average, equities research analysts expect that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a $0.12 dividend. The ex-dividend date is Monday, August 18th. This represents a $0.48 dividend on an annualized basis and a yield of 5.2%. Crescent Energy's dividend payout ratio is presently -266.67%.

Analyst Ratings Changes

CRGY has been the subject of a number of research reports. Wall Street Zen upgraded shares of Crescent Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Mizuho reduced their price target on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Wells Fargo & Company reduced their price target on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Finally, Piper Sandler upped their price target on shares of Crescent Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average 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.