Summit Global Investments Takes Position in Crescent Energy Company $CRGY

Summit Global Investments bought a new stake in Crescent Energy Company (NYSE:CRGY) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 75,319 shares of the company’s stock, valued at approximately $672,000.

Several other institutional investors also recently bought and sold shares of the stock. Nisa Investment Advisors LLC increased its stake in Crescent Energy by 50.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the company’s stock worth $33,000 after purchasing an additional 1,241 shares during the period. Osaic Holdings Inc. grew its holdings in shares of Crescent Energy by 25.2% in the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock worth $46,000 after purchasing an additional 1,066 shares during the last quarter. MQS Management LLC purchased a new position in shares of Crescent Energy in the second quarter worth $91,000. Focus Partners Advisor Solutions LLC bought a new stake in Crescent Energy during the 2nd quarter valued at $97,000. Finally, NewEdge Advisors LLC boosted its position in Crescent Energy by 1,227.9% during the 2nd quarter. NewEdge Advisors LLC now owns 11,951 shares of the company’s stock valued at $103,000 after buying an additional 11,051 shares during the period. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRGY. Evercore ISI initiated coverage on shares of Crescent Energy in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $13.00 price objective on the stock. BMO Capital Markets assumed coverage on Crescent Energy in a research note on Friday, January 9th. They issued a “market perform” rating and a $10.00 target price on the stock. Wells Fargo & Company lowered their price target on Crescent Energy from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Tuesday. Piper Sandler cut their price objective on Crescent Energy from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Finally, Wall Street Zen cut Crescent Energy from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $13.27.

Crescent Energy Trading Up 1.9%

NYSE CRGY opened at $9.76 on Friday. The firm has a market capitalization of $2.49 billion, a PE ratio of -65.07 and a beta of 1.73. The stock’s 50 day moving average is $8.79 and its 200 day moving average is $8.87. Crescent Energy Company has a twelve month low of $6.83 and a twelve month high of $15.58. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.72.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The business had revenue of $866.58 million during the quarter, compared to analyst estimates of $887.54 million. Crescent Energy had a return on equity of 11.77% and a net margin of 0.66%. Research analysts forecast that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date was Monday, November 17th. Crescent Energy’s dividend payout ratio is -320.00%.

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.