Pinnacle Holdings LLC Invests $439,000 in Crescent Energy Company $CRGY

Pinnacle Holdings LLC bought a new stake in shares of Crescent Energy Company (NYSE:CRGY) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 44,704 shares of the company’s stock, valued at approximately $439,000.

Other hedge funds have also recently modified their holdings of the company. Osaic Holdings Inc. raised its holdings in shares of Crescent Energy by 25.2% during the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock valued at $46,000 after acquiring an additional 1,066 shares in the last quarter. Sunbelt Securities Inc. increased its stake in shares of Crescent Energy by 0.7% during the first quarter. Sunbelt Securities Inc. now owns 151,416 shares of the company’s stock valued at $2,044,000 after purchasing an additional 1,073 shares in the last quarter. First Citizens Bank & Trust Co. raised its stake in Crescent Energy by 1.8% during the fourth quarter. First Citizens Bank & Trust Co. now owns 65,241 shares of the company’s stock valued at $547,000 after buying an additional 1,152 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Crescent Energy by 2.0% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 62,706 shares of the company’s stock worth $526,000 after purchasing an additional 1,245 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Crescent Energy by 8.9% in the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company’s stock worth $192,000 after buying an additional 1,397 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Trading Up 0.1%

NYSE CRGY opened at $14.07 on Monday. The company’s 50-day moving average price is $10.91 and its 200-day moving average price is $11.67. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.00. Crescent Energy Company has a 12 month low of $7.68 and a 12 month high of $14.29. The stock has a market cap of $4.65 billion, a PE ratio of -281.34 and a beta of 1.41.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. Crescent Energy had a net margin of 1.27% and a return on equity of 10.52%. The company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Crescent Energy’s revenue was up 55.3% on a year-over-year basis. Equities research analysts forecast that Crescent Energy Company will post 2.07 earnings per share for the current year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, August 17th. Crescent Energy’s dividend payout ratio is presently -960.00%.

Analysts Set New Price Targets

CRGY has been the subject of a number of research analyst reports. Zacks Research lowered shares of Crescent Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Mizuho raised their price objective on Crescent Energy from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Crescent Energy from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, August 17th. Wells Fargo & Company raised their price target on Crescent Energy from $18.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. Finally, UBS Group increased their price objective on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Crescent Energy has an average rating of “Moderate Buy” and an average target price of $16.33.

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.