HITE Hedge Asset Management LLC Decreases Stake in Crescent Energy Company $CRGY

HITE Hedge Asset Management LLC cut its stake in shares of Crescent Energy Company (NYSE:CRGY) by 22.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,154,959 shares of the company’s stock after selling 929,092 shares during the quarter. 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 owned approximately 1.24% of Crescent Energy worth $28,142,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in CRGY. Caitlin John LLC acquired a new stake in shares of Crescent Energy in the third quarter valued at about $27,000. Nisa Investment Advisors LLC increased its holdings in Crescent Energy by 50.2% in the third quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the company’s stock valued at $33,000 after buying an additional 1,241 shares in the last quarter. Osaic Holdings Inc. increased its holdings in Crescent Energy by 25.2% in the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock valued at $46,000 after buying an additional 1,066 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of Crescent Energy by 135.8% during 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 period. Finally, NewEdge Advisors LLC boosted 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 acquiring an additional 11,051 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Weiss Ratings upgraded Crescent Energy from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, February 27th. Piper Sandler boosted their target price on Crescent Energy from $14.00 to $16.00 and gave the stock an “overweight” rating in a research report on Thursday. Evercore initiated coverage on Crescent Energy in a report on Tuesday, December 16th. They issued an “outperform” rating and a $13.00 target price on the stock. BMO Capital Markets initiated coverage on Crescent Energy in a research report on Friday, January 9th. They issued a “market perform” rating and a $10.00 price target for the company. Finally, Wells Fargo & Company cut their price target on Crescent Energy from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.00.

Crescent Energy Trading Down 1.7%

Shares of CRGY opened at $11.75 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.48 and a quick ratio of 1.48. Crescent Energy Company has a 1-year low of $6.83 and a 1-year high of $12.40. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of 22.59 and a beta of 1.57. The firm has a 50 day simple moving average of $9.82 and a 200-day simple moving average of $9.19.

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

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Wednesday, March 11th. Crescent Energy’s dividend payout ratio is currently 92.31%.

About Crescent Energy

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.