Pinnacle Holdings LLC Purchases New Shares in Crescent Energy Company $CRGY

Pinnacle Holdings LLC acquired a new position in shares of Crescent Energy Company (NYSE:CRGY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 44,704 shares of the company’s stock, valued at approximately $439,000.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Crescent Energy by 34.6% in the fourth quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock valued at $228,981,000 after buying an additional 7,015,982 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of Crescent Energy by 775.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,303,260 shares of the company’s stock worth $27,714,000 after acquiring an additional 2,925,780 shares during the period. State Street Corp lifted its holdings in shares of Crescent Energy by 27.6% in the fourth quarter. State Street Corp now owns 12,808,605 shares of the company’s stock valued at $107,464,000 after purchasing an additional 2,767,096 shares in the last quarter. Bank of America Corp DE boosted its position in Crescent Energy by 308.2% during the 1st quarter. Bank of America Corp DE now owns 3,056,820 shares of the company’s stock worth $41,267,000 after acquiring an additional 2,307,971 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Crescent Energy by 77.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,105,558 shares of the company’s stock valued at $42,836,000 after purchasing an additional 2,234,324 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Mizuho increased their price target on shares of Crescent Energy from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Raymond James Financial restated a “strong-buy” rating and issued a $19.00 price target on shares of Crescent Energy in a research report on Monday, August 3rd. Wells Fargo & Company boosted their price objective on shares of Crescent Energy from $18.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Morgan Stanley downgraded shares of Crescent Energy to an “underweight” rating in a research note on Monday, August 3rd. Finally, Weiss Ratings raised Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.33.

Crescent Energy Stock Performance

Shares of Crescent Energy stock opened at $14.07 on Monday. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of -281.34 and a beta of 1.41. Crescent Energy Company has a one year low of $7.68 and a one year high of $14.29. The business has a 50-day simple moving average of $10.91 and a 200 day simple moving average of $11.67. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.94 and a quick ratio of 0.94.

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

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, August 17th. Crescent Energy’s dividend payout ratio (DPR) is presently -960.00%.

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.