28,000 Shares in Crescent Energy (NYSE:CRGY) Acquired by SCP Investment LP

SCP Investment LP bought a new position in Crescent Energy (NYSE:CRGY) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 28,000 shares of the company’s stock, valued at approximately $409,000.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Crescent Energy by 26.4% in the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock worth $303,150,000 after acquiring an additional 4,332,831 shares during the period. American Century Companies Inc. boosted its stake in Crescent Energy by 12.7% in the 4th quarter. American Century Companies Inc. now owns 12,700,925 shares of the company’s stock worth $185,561,000 after purchasing an additional 1,436,084 shares during the period. Pacer Advisors Inc. bought a new stake in shares of Crescent Energy during the fourth quarter valued at about $170,905,000. Bank of New York Mellon Corp lifted its holdings in shares of Crescent Energy by 55.5% in the fourth quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock worth $135,316,000 after buying an additional 3,305,833 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after acquiring an additional 2,986,468 shares during the period. 52.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael Duginski purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average cost of $10.57 per share, with a total value of $211,400.00. Following the purchase, the director now directly owns 259,607 shares of the company’s stock, valued at $2,744,045.99. This trade represents a 8.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 24,932 shares of company stock worth $263,219. 13.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CRGY. JPMorgan Chase & Co. dropped their price objective on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Raymond James reissued a “strong-buy” rating and set a $18.00 price objective (down previously from $23.00) on shares of Crescent Energy in a report on Friday. Wells Fargo & Company dropped their target price on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. Mizuho raised their price objective on shares of Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Finally, Siebert Williams Shank started coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.09.

Crescent Energy Stock Performance

NYSE:CRGY opened at $11.13 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $16.94. The firm has a market cap of $2.88 billion, a PE ratio of 17.94 and a beta of 2.18. The business has a 50 day moving average price of $13.43 and a 200-day moving average price of $13.49.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date was Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is presently -69.57%.

Crescent Energy Company Profile

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.