FORA Capital LLC Takes Position in Crescent Energy (NYSE:CRGY)

by · The Markets Daily

FORA Capital LLC acquired a new position in shares of Crescent Energy (NYSE:CRGY – Free Report) in the 4th quarter, HoldingsChannel reports. The fund acquired 69,724 shares of the company’s stock, valued at approximately $1,019,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hsbc Holdings PLC boosted its holdings in Crescent Energy by 4.3% during the fourth quarter. Hsbc Holdings PLC now owns 18,902 shares of the company’s stock valued at $276,000 after acquiring an additional 785 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Crescent Energy by 2.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 37,831 shares of the company’s stock valued at $553,000 after purchasing an additional 897 shares during the period. Dark Forest Capital Management LP grew its holdings in Crescent Energy by 4.0% in the 4th quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company’s stock valued at $487,000 after buying an additional 1,282 shares during the last quarter. GAMMA Investing LLC increased its position in Crescent Energy by 48.3% in the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after buying an additional 1,621 shares during the period. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Crescent Energy by 10.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 24,234 shares of the company’s stock worth $354,000 after buying an additional 2,306 shares during the last quarter. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Crescent Energy Price Performance

Crescent Energy stock opened at $8.58 on Friday. The business has a 50 day simple moving average of $9.42 and a 200 day simple moving average of $12.71. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market capitalization of $2.22 billion, a PE ratio of 13.84 and a beta of 1.86. Crescent Energy has a one year low of $6.83 and a one year high of $16.94.

Crescent Energy (NYSE:CRGY – Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.09. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $950.17 million during the quarter, compared to analysts’ expectations of $937.55 million. On average, sell-side analysts forecast that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be given a $0.12 dividend. The ex-dividend date is Monday, May 19th. This represents a $0.48 dividend on an annualized basis and a yield of 5.59%. Crescent Energy’s dividend payout ratio (DPR) is presently -69.57%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CRGY shares. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research report on Wednesday, March 5th. Mizuho upped their price objective on shares of Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Stephens reissued an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a research report on Monday, March 3rd. JPMorgan Chase & Co. cut their price target on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Finally, Raymond James restated a “strong-buy” rating and set a $18.00 price objective (down from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.80.

Check Out Our Latest Research Report on CRGY

Insiders Place Their Bets

In other Crescent Energy news, Director Michael Duginski bought 4,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the purchase, the director now owns 233,607 shares in the company, valued at $2,424,840.66. This represents a 1.74 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 24,932 shares of company stock valued at $263,219. 13.20% of the stock is currently owned by insiders.

About Crescent Energy

(Free Report)

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.

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