Pickering Energy Partners LP Grows Stock Position in Crescent Energy Company $CRGY

Pickering Energy Partners LP grew its position in Crescent Energy Company (NYSE:CRGY) by 5,373.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,189,194 shares of the company’s stock after acquiring an additional 2,149,194 shares during the quarter. Crescent Energy comprises 82.1% of Pickering Energy Partners LP’s investment portfolio, making the stock its biggest position. Pickering Energy Partners LP’s holdings in Crescent Energy were worth $18,367,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Crescent Energy by 34.6% in the 4th quarter. Vanguard Group Inc. now owns 27,292,081 shares of the company’s stock worth $228,981,000 after purchasing an additional 7,015,982 shares during the period. American Century Companies Inc. boosted its holdings in Crescent Energy by 8.0% during the 3rd quarter. American Century Companies Inc. now owns 19,363,386 shares of the company’s stock valued at $172,721,000 after acquiring an additional 1,434,789 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Crescent Energy by 20.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 12,872,215 shares of the company’s stock valued at $107,999,000 after acquiring an additional 2,213,352 shares during the period. State Street Corp boosted its holdings in Crescent Energy by 27.6% during the 4th quarter. State Street Corp now owns 12,808,605 shares of the company’s stock valued at $107,464,000 after acquiring an additional 2,767,096 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Crescent Energy by 29.0% during the 4th quarter. Geode Capital Management LLC now owns 5,592,793 shares of the company’s stock valued at $46,935,000 after acquiring an additional 1,256,114 shares during the period. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Johnson Rice restated an “accumulate” rating and set a $19.00 price objective on shares of Crescent Energy in a report on Wednesday, March 25th. Piper Sandler upped their target price on Crescent Energy from $14.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Stephens reiterated an “overweight” rating and issued a $18.00 target price on shares of Crescent Energy in a report on Tuesday, May 5th. Wells Fargo & Company upped their target price on Crescent Energy from $14.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $20.00 target price on shares of Crescent Energy in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.00.

Crescent Energy Stock Down 1.8%

Shares of CRGY opened at $10.83 on Wednesday. Crescent Energy Company has a 52 week low of $7.68 and a 52 week high of $14.29. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of -14.44 and a beta of 1.37. The stock’s 50-day moving average price is $12.50 and its 200-day moving average price is $10.95.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings results on Monday, May 4th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.14. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.Crescent Energy’s revenue for the quarter was up 24.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 earnings per share. On average, sell-side analysts predict that Crescent Energy Company will post 1.99 EPS for the current year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, May 18th. Crescent Energy’s dividend payout ratio (DPR) is currently -64.00%.

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.