Crescent Energy Company $CRGY Shares Bought by Readystate Asset Management LP

Readystate Asset Management LP grew its stake in Crescent Energy Company (NYSE:CRGY) by 275.4% during the 2nd quarter, Holdings Channel reports. The fund owned 619,287 shares of the company’s stock after acquiring an additional 454,308 shares during the period. Readystate Asset Management LP’s holdings in Crescent Energy were worth $6,081,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Strs Ohio acquired a new stake in shares of Crescent Energy during the 1st quarter worth about $32,000. Fifth Third Bancorp grew its holdings in shares of Crescent Energy by 109.3% during the fourth quarter. Fifth Third Bancorp now owns 3,905 shares of the company’s stock worth $33,000 after buying an additional 2,039 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of Crescent Energy by 134.5% in the fourth 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 last quarter. Quarry LP raised its position in shares of Crescent Energy by 303.5% in the third quarter. Quarry LP now owns 4,152 shares of the company’s stock valued at $37,000 after buying an additional 3,123 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Crescent Energy by 42.3% during the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock valued at $40,000 after buying an additional 1,401 shares during the period. Institutional investors and hedge funds own 52.11% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on CRGY shares. Zacks Research lowered shares of Crescent Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Weiss Ratings raised Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research note on Monday, August 17th. Wells Fargo & Company lowered their price objective on Crescent Energy from $24.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday. Morgan Stanley downgraded Crescent Energy to an “underweight” rating in a research report on Monday, August 3rd. Finally, UBS Group raised their price target on Crescent Energy from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. 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 company. Based on data from MarketBeat, Crescent Energy presently has an average rating of “Moderate Buy” and an average target price of $15.92.

Crescent Energy Stock Performance

Shares of CRGY stock opened at $13.78 on Monday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $4.55 billion, a price-to-earnings ratio of -275.54 and a beta of 1.45. Crescent Energy Company has a one year low of $7.68 and a one year high of $14.53. The company has a 50 day moving average price of $11.57 and a 200 day moving average price of $11.93.

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 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 for the quarter, compared to analyst estimates of $1.26 billion. The company’s revenue for the quarter 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 was paid on Monday, August 31st. Investors of record on Monday, August 17th were issued a $0.12 dividend. The ex-dividend date was Monday, August 17th. This represents a $0.48 dividend on an annualized basis and a yield of 3.5%. Crescent Energy’s dividend payout ratio (DPR) is presently -960.00%.

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.