Crescent Energy (NYSE:CRGY) Major Shareholder Energy Aggregator Independence Sells 2,948,723 Shares

Crescent Energy (NYSE:CRGY) major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $9.91, for a total value of $29,221,844.93. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Crescent Energy Price Performance

Shares of Crescent Energy stock opened at $10.54 on Wednesday. Crescent Energy has a one year low of $9.88 and a one year high of $16.94. The stock’s fifty day moving average is $14.63 and its 200 day moving average is $13.51. The stock has a market cap of $2.72 billion, a P/E ratio of 16.99 and a beta of 2.18. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 4.56%. Crescent Energy’s dividend payout ratio is currently -69.57%.

Analyst Ratings Changes

Several brokerages have commented on CRGY. Siebert Williams Shank began coverage on Crescent Energy in a research note on Monday, February 3rd. They set a “buy” rating on the stock. Truist Financial increased their target price on Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Stephens restated an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Monday, March 3rd. Williams Trading set a $16.00 price target on Crescent Energy in a research note on Wednesday, March 5th. Finally, Citigroup downgraded Crescent Energy to a “reduce” rating in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.45.

Hedge Funds Weigh In On Crescent Energy

A number of institutional investors have recently bought and sold shares of CRGY. Farther Finance Advisors LLC raised its holdings in Crescent Energy by 15,675.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock worth $35,000 after purchasing an additional 3,135 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock valued at $40,000 after acquiring an additional 705 shares during the period. Jones Financial Companies Lllp raised its holdings in Crescent Energy by 206.7% during the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after acquiring an additional 2,377 shares during the period. Amalgamated Bank raised its holdings in Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after acquiring an additional 2,272 shares during the period. Finally, Quarry LP raised its holdings in Crescent Energy by 263.4% during the fourth quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $64,000 after acquiring an additional 3,155 shares during the period. 52.11% of the stock is owned by institutional investors.

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.