HITE Hedge Asset Management LLC Has $22.47 Million Position in Crescent Energy Company $CRGY

HITE Hedge Asset Management LLC reduced its stake in Crescent Energy Company (NYSE:CRGY) by 15.1% in the 4th quarter, Holdings Channel reports. The firm owned 2,678,232 shares of the company’s stock after selling 476,727 shares during the period. Crescent Energy accounts for approximately 1.4% of HITE Hedge Asset Management LLC’s holdings, making the stock its 21st biggest position. HITE Hedge Asset Management LLC’s holdings in Crescent Energy were worth $22,470,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRGY. Vanguard Group Inc. lifted its holdings in Crescent Energy by 34.6% in the 4th quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock worth $228,981,000 after purchasing an additional 7,015,982 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Crescent Energy by 20.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,872,215 shares of the company’s stock worth $107,999,000 after purchasing an additional 2,213,352 shares during the last quarter. American Century Companies Inc. lifted its holdings in Crescent Energy by 8.0% in the 3rd quarter. American Century Companies Inc. now owns 19,363,386 shares of the company’s stock worth $172,721,000 after purchasing an additional 1,434,789 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Crescent Energy by 29.0% in the 4th quarter. Geode Capital Management LLC now owns 5,592,793 shares of the company’s stock worth $46,935,000 after purchasing an additional 1,256,114 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Crescent Energy by 42.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company’s stock worth $44,616,000 after purchasing an additional 1,174,576 shares during the last quarter. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CRGY shares. JPMorgan Chase & Co. upgraded Crescent Energy from a “neutral” rating to an “overweight” rating and set a $19.00 target price for the company in a report on Friday, March 20th. Johnson Rice restated an “accumulate” rating and issued a $19.00 target price on shares of Crescent Energy in a report on Wednesday, March 25th. KeyCorp reaffirmed an “overweight” rating and issued a $19.00 price target on shares of Crescent Energy in a research report on Thursday. Wall Street Zen upgraded Crescent Energy from a “hold” rating to a “buy” rating in a report on Sunday, May 10th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $20.00 price target on shares of Crescent Energy in a report on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Crescent Energy has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Crescent Energy Stock Up 0.7%

Shares of CRGY stock opened at $11.57 on Friday. Crescent Energy Company has a 12 month low of $7.68 and a 12 month high of $14.29. The firm has a market cap of $3.82 billion, a PE ratio of -15.42 and a beta of 1.37. The stock has a 50 day moving average of $12.60 and a 200-day moving average of $10.91. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings results on Monday, May 4th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.14. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The company’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. On average, equities analysts predict that Crescent Energy Company will post 1.99 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were given a dividend of $0.12 per share. The ex-dividend date was Monday, May 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.2%. Crescent Energy’s payout ratio is currently -64.00%.

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.