Crescent Energy Company $CRGY Shares Sold by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC trimmed its position in Crescent Energy Company (NYSE:CRGY) by 22.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,154,959 shares of the company’s stock after selling 929,092 shares during the period. Crescent Energy comprises about 1.5% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 18th largest position. HITE Hedge Asset Management LLC’s holdings in Crescent Energy were worth $28,142,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Caitlin John LLC acquired a new position in shares of Crescent Energy in the third quarter valued at approximately $27,000. Nisa Investment Advisors LLC boosted its position in Crescent Energy by 50.2% during the third quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the company’s stock worth $33,000 after acquiring an additional 1,241 shares during the last quarter. Osaic Holdings Inc. grew its stake in Crescent Energy by 25.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock worth $46,000 after acquiring an additional 1,066 shares during the period. Hantz Financial Services Inc. raised its holdings in Crescent Energy by 135.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 6,018 shares of the company’s stock valued at $54,000 after acquiring an additional 3,466 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Crescent Energy by 1,227.9% during the 2nd quarter. NewEdge Advisors LLC now owns 11,951 shares of the company’s stock worth $103,000 after purchasing an additional 11,051 shares during the period. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CRGY shares. Piper Sandler lifted their price objective on Crescent Energy from $14.00 to $16.00 and gave the company an “overweight” rating in a research report on Thursday. Zacks Research upgraded Crescent Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 20th. Jefferies Financial Group reissued a “hold” rating and issued a $9.00 price target on shares of Crescent Energy in a research note on Sunday, January 25th. Wells Fargo & Company lowered their price target on Crescent Energy from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Tuesday, January 27th. Finally, Evercore began coverage on shares of Crescent Energy in a research note on Tuesday, December 16th. They set an “outperform” rating and a $13.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.00.

Crescent Energy Stock Down 1.7%

Shares of NYSE CRGY opened at $11.75 on Friday. Crescent Energy Company has a 52-week low of $6.83 and a 52-week high of $12.40. The firm has a fifty day moving average of $9.82 and a 200-day moving average of $9.19. The stock has a market capitalization of $3.85 billion, a PE ratio of 22.59 and a beta of 1.57. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.07.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Wednesday, February 25th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.19. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%.The business had revenue of $865.05 million for the quarter, compared to analyst estimates of $884.64 million. On average, analysts anticipate that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, March 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.1%. Crescent Energy’s payout ratio is presently 92.31%.

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.