Pacer Advisors Inc. Sells 9,429,311 Shares of Crescent Energy Company (NYSE:CRGY)

Pacer Advisors Inc. cut its position in Crescent Energy Company (NYSE:CRGY) by 80.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,268,472 shares of the company’s stock after selling 9,429,311 shares during the quarter. Pacer Advisors Inc.’s holdings in Crescent Energy were worth $25,498,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CRGY. Vanguard Group Inc. raised its stake in shares of Crescent Energy by 26.4% in the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock valued at $303,150,000 after buying an additional 4,332,831 shares during the period. ArrowMark Colorado Holdings LLC bought a new stake in shares of Crescent Energy during the 4th quarter valued at $36,593,000. Adage Capital Partners GP L.L.C. raised its stake in shares of Crescent Energy by 6,700.0% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,700,000 shares of the company’s stock valued at $24,837,000 after purchasing an additional 1,675,000 shares during the period. Covalis Capital LLP bought a new stake in shares of Crescent Energy during the 4th quarter valued at $23,376,000. Finally, Yaupon Capital Management LP bought a new stake in shares of Crescent Energy during the 4th quarter valued at $13,149,000. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $9.21 on Friday. The firm has a market capitalization of $2.35 billion, a P/E ratio of -20.46 and a beta of 1.74. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.10. The stock’s 50-day simple moving average is $8.96 and its two-hundred day simple moving average is $10.81. Crescent Energy Company has a twelve month low of $6.83 and a twelve month high of $16.94.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, May 5th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.47 by $0.09. The firm had revenue of $950.17 million for the quarter, compared to analyst estimates of $937.55 million. Crescent Energy had a positive return on equity of 14.21% and a negative net margin of 2.88%. As a group, equities analysts anticipate that Crescent Energy Company will post 0.77 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.48 annualized dividend and a dividend yield of 5.21%. Crescent Energy’s dividend payout ratio (DPR) is presently -106.67%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Piper Sandler boosted their price objective on Crescent Energy from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. KeyCorp decreased their price objective on Crescent Energy from $18.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Mizuho decreased their price objective on Crescent Energy from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. Raymond James Financial reiterated a “strong-buy” rating and set a $18.00 price objective (down from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Finally, Wells Fargo & Company decreased their price objective on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, June 16th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Crescent Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.10.

Crescent Energy Company 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.