Dimensional Fund Advisors Reports 5.5% Of Crescent Energy, 18.3 Million Shares, In Passive Filing
The 13G shows a September 30 event date, before Crescent's Devon Eagle Ford deal and $1 billion stock offering were announced.
Dimensional Fund Advisors LP reports holding 5.5% of Crescent Energy's common stock, or 18,311,297 shares, in a passive ownership filing (a Schedule 13G) made Thursday. The position is measured as of September 30, a date before Crescent announced its Devon Energy deal and share offering.
What the filing says
Dimensional has sole voting power over 18,190,184 of the shares and shared voting power over none, according to the filing. It lists itself as a registered investment adviser based in Austin.
The filing says all of the reported shares are owned by funds Dimensional advises or manages, and that to its knowledge no single fund holds more than 5% of the class. Dimensional disclaims beneficial ownership of the securities.
It also certifies that the shares were bought and are held in the ordinary course of business, not to change or influence control of Crescent.
The same day as the Devon deal
Crescent announced on Thursday that it agreed to buy Eagle Ford assets from Devon Energy for an estimated net price of about $3.85 billion. The company expects $140 million in annual synergies from the assets across drilling and completion, operating expense and marketing.
It also launched an underwritten offering of Class A common stock, sized at $1 billion, with proceeds earmarked for part of the cash consideration.
In Thursday trading, as of 2:36 p.m. ET, Crescent shares were at $13.03, down 3.27% from the prior close of $13.47 (market data). Dimensional's holding predates both announcements, so the filing says nothing about the fund manager's view of them.
What to watch
The $1 billion offering is subject to market conditions, and its pricing is the next event. The Devon acquisition is targeted to close in the fourth quarter of 2026 or early 2027.
If the offering is completed, the share count behind Dimensional's 5.5% would change, though the filing's percentage reflects the September 30 position.
Sources
- SCHEDULE 13G — Dimensional Fund Advisors LP re: Crescent Energy Co (CRGY) — SEC EDGAR
- Crescent Energy to Acquire Eagle Ford Assets from Devon Energy, Solidifying Crescent's World-Class Position in the Basin – Company Announcement - FT.com — Financial Times
- Crescent Energy Company Commences $1B Class A... — benzinga.com
- Crescent Energy Company Announces Public Offering of Class A Common Stock – Company Announcement - FT.com — Financial Times
- Why Crescent Energy (CRGY) Outpaced the Stock Market Today — Yahoo Finance
