Peregrine Capital Management LLC Acquires 41,423 Shares of Crescent Energy Company $CRGY

Peregrine Capital Management LLC boosted its holdings in Crescent Energy Company (NYSE:CRGY) by 10.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 440,947 shares of the company’s stock after purchasing an additional 41,423 shares during the period. Peregrine Capital Management LLC owned about 0.17% of Crescent Energy worth $3,792,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CRGY. Brooklyn Investment Group grew its position in Crescent Energy by 1,110.3% in the first quarter. Brooklyn Investment Group now owns 2,457 shares of the company’s stock valued at $28,000 after purchasing an additional 2,254 shares in the last quarter. Allworth Financial LP bought a new position in Crescent Energy in the first quarter valued at $34,000. GAMMA Investing LLC grew its position in shares of Crescent Energy by 287.3% in the 2nd quarter. GAMMA Investing LLC now owns 9,585 shares of the company’s stock valued at $82,000 after acquiring an additional 7,110 shares during the period. MQS Management LLC bought a new position in shares of Crescent Energy in the 2nd quarter valued at about $91,000. Finally, Focus Partners Advisor Solutions LLC bought a new position in shares of Crescent Energy in the 2nd quarter valued at about $97,000. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

NYSE CRGY opened at $8.09 on Wednesday. The firm has a 50-day moving average of $8.87 and a 200-day moving average of $8.88. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $2.06 billion, a PE ratio of -44.92 and a beta of 1.89. Crescent Energy Company has a 52-week low of $6.83 and a 52-week high of $16.94.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.20. The company had revenue of $897.98 million during the quarter, compared to analysts’ expectations of $868.34 million. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. On average, sell-side analysts anticipate that Crescent Energy Company will post 0.77 EPS for the current year.

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date was Monday, August 18th. Crescent Energy’s dividend payout ratio (DPR) is currently -266.67%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRGY. Piper Sandler lifted their price objective on shares of Crescent Energy from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Wells Fargo & Company decreased their price objective on shares of Crescent Energy from $20.00 to $15.00 and set an “overweight” rating for the company in a research report on Friday, October 17th. Weiss Ratings reissued a “sell (d)” rating on shares of Crescent Energy in a research report on Wednesday, October 8th. William Blair began coverage on shares of Crescent Energy in a research report on Monday, August 25th. They issued an “outperform” rating for the company. Finally, Raymond James Financial set a $17.00 price objective on shares of Crescent Energy and gave the company a “strong-buy” rating in a research report on Wednesday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.22.

About Crescent Energy

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.