Peregrine Capital Management LLC Sells 75,669 Shares of Crescent Energy Company $CRGY

Peregrine Capital Management LLC lessened its stake in shares of Crescent Energy Company (NYSE:CRGY) by 19.8% in the second quarter, HoldingsChannel.com reports. The firm owned 306,321 shares of the company’s stock after selling 75,669 shares during the quarter. Peregrine Capital Management LLC’s holdings in Crescent Energy were worth $3,008,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CRGY. Strs Ohio purchased a new position in shares of Crescent Energy in the first quarter worth $32,000. Fifth Third Bancorp boosted its position in Crescent Energy by 109.3% during the 4th quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock valued at $33,000 after buying an additional 2,039 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in Crescent Energy by 134.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 3,986 shares of the company’s stock valued at $33,000 after buying an additional 2,286 shares during the period. Quarry LP grew its holdings in Crescent Energy by 303.5% in the 3rd quarter. Quarry LP now owns 4,152 shares of the company’s stock worth $37,000 after acquiring an additional 3,123 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in Crescent Energy by 42.3% in the 4th quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock worth $40,000 after acquiring an additional 1,401 shares during the last quarter. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Trading Down 2.9%

Shares of CRGY opened at $12.06 on Thursday. Crescent Energy Company has a 1-year low of $7.68 and a 1-year high of $14.29. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00. The firm’s 50-day moving average price is $10.73 and its 200-day moving average price is $11.49. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of -241.15 and a beta of 1.41.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.26 billion. Crescent Energy’s revenue was up 55.3% on a year-over-year basis. Sell-side analysts anticipate that Crescent Energy Company will post 2.07 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be given a $0.12 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $0.48 annualized dividend and a dividend yield of 4.0%. Crescent Energy’s dividend payout ratio is currently -960.00%.

Wall Street Analysts Forecast Growth

CRGY has been the subject of several recent analyst reports. UBS Group upped their price objective on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Morgan Stanley cut Crescent Energy to an “underweight” rating in a research note on Monday, August 3rd. Wells Fargo & Company restated an “overweight” rating and set a $24.00 price target on shares of Crescent Energy in a report on Thursday. KeyCorp reaffirmed an “overweight” rating and set a $19.00 price target on shares of Crescent Energy in a research report on Thursday, June 11th. Finally, Stephens increased their price objective on Crescent Energy from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.33.

About Crescent Energy

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.