Crescent Energy (NYSE:CRGY) Shares Bought by LPL Financial LLC

LPL Financial LLC lifted its holdings in shares of Crescent Energy (NYSE:CRGY) by 359.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,218 shares of the company’s stock after buying an additional 70,568 shares during the quarter. LPL Financial LLC’s holdings in Crescent Energy were worth $1,318,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in shares of Crescent Energy in the fourth quarter valued at about $1,811,000. Thrivent Financial for Lutherans acquired a new position in Crescent Energy in the 4th quarter valued at about $2,981,000. Geode Capital Management LLC grew its stake in shares of Crescent Energy by 53.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after buying an additional 1,164,306 shares during the period. Amalgamated Bank increased its holdings in shares of Crescent Energy by 919.0% during the 4th quarter. Amalgamated Bank now owns 49,961 shares of the company’s stock worth $730,000 after buying an additional 45,058 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Crescent Energy by 25.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,984,820 shares of the company’s stock valued at $28,998,000 after buying an additional 398,555 shares during the period. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

Shares of CRGY stock opened at $8.36 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. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 13.48 and a beta of 1.88. Crescent Energy has a one year low of $6.83 and a one year high of $16.94. The company has a 50 day moving average price of $11.07 and a 200 day moving average price of $13.16.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.74%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s dividend payout ratio is presently -69.57%.

Insider Activity at Crescent Energy

In other Crescent Energy 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 value of $29,221,844.93. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael Duginski acquired 20,000 shares of Crescent Energy stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the purchase, the director now directly owns 259,607 shares in the company, valued at $2,744,045.99. The trade was a 8.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 24,932 shares of company stock worth $263,219. 13.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Citigroup cut Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. Mizuho lifted their price target 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. Wells Fargo & Company decreased their price objective on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, March 24th. Siebert Williams Shank began coverage on shares of Crescent Energy in a report on Monday, February 3rd. They issued a “buy” rating for the company. Finally, Truist Financial upped their price target on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $17.00.

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.