Seven Eight Capital LP Buys New Position in Crescent Energy (NYSE:CRGY)

Seven Eight Capital LP bought a new stake in Crescent Energy (NYSE:CRGY) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 14,305 shares of the company’s stock, valued at approximately $170,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRGY. Charles Schwab Investment Management Inc. raised its position in Crescent Energy by 36.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,578 shares of the company’s stock valued at $8,488,000 after buying an additional 171,579 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in Crescent Energy in the 4th quarter valued at approximately $1,393,000. Trexquant Investment LP acquired a new stake in Crescent Energy in the 4th quarter valued at approximately $298,000. Aigen Investment Management LP acquired a new stake in Crescent Energy in the 4th quarter valued at approximately $170,000. Finally, Cantor Fitzgerald Investment Advisors L.P. acquired a new stake in Crescent Energy in the 4th quarter valued at approximately $192,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on CRGY shares. KeyCorp started coverage on Crescent Energy in a research report on Thursday, June 27th. They set an “overweight” rating and a $16.00 price target on the stock. Truist Financial lowered their price target on Crescent Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. JPMorgan Chase & Co. started coverage on Crescent Energy in a research report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price target on the stock. Wolfe Research started coverage on Crescent Energy in a research report on Thursday, July 18th. They set an “outperform” rating and a $16.00 price target on the stock. Finally, Mizuho lowered their price target on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $16.27.

Crescent Energy Stock Performance

CRGY opened at $11.43 on Tuesday. The business has a fifty day simple moving average of $11.31 and a 200 day simple moving average of $11.59. The company has a market capitalization of $2.03 billion, a PE ratio of -57.15 and a beta of 2.26. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $13.85. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.05. The business had revenue of $653.28 million during the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. Research analysts expect that Crescent Energy will post 1.31 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.48 annualized dividend and a yield of 4.20%. Crescent Energy’s dividend payout ratio (DPR) is presently -240.00%.

Insider Activity at Crescent Energy

In other news, Director Michael Duginski purchased 9,344 shares of Crescent Energy stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the purchase, the director now directly owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought 12,294 shares of company stock worth $131,297 in the last ninety days. 13.20% of the stock is owned by company insiders.

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.