The Manufacturers Life Insurance Company Sells 3,618,547 Shares of Crescent Energy (NYSE:CRGY)

The Manufacturers Life Insurance Company lowered its holdings in Crescent Energy (NYSE:CRGY) by 97.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 80,131 shares of the company’s stock after selling 3,618,547 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Crescent Energy were worth $1,171,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of Crescent Energy in the fourth quarter valued at approximately $1,811,000. SCP Investment LP bought a new stake in Crescent Energy in the 4th quarter valued at $409,000. Clearbridge Investments LLC bought a new stake in Crescent Energy in the 4th quarter valued at $9,869,000. Thrivent Financial for Lutherans acquired a new stake in Crescent Energy in the 4th quarter worth $2,981,000. Finally, Vanguard Group Inc. increased its holdings in shares of Crescent Energy by 26.4% during the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock worth $303,150,000 after purchasing an additional 4,332,831 shares during the period. 52.11% of the stock is owned by institutional investors.

Crescent Energy Stock Performance

Crescent Energy stock opened at $9.52 on Wednesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a fifty day moving average price of $9.35 and a two-hundred day moving average price of $12.67. Crescent Energy has a 52-week low of $6.83 and a 52-week high of $16.94. The firm has a market capitalization of $2.43 billion, a P/E ratio of 15.35 and a beta of 1.86.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, May 5th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.09. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The business had revenue of $950.17 million for the quarter, compared to analyst estimates of $937.55 million. As a group, analysts anticipate that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.04%. The ex-dividend date is Monday, May 19th. Crescent Energy’s payout ratio is -106.67%.

Insider Activity

In related news, Director Michael Duginski purchased 20,000 shares of Crescent Energy stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the transaction, the director now directly owns 259,607 shares in the company, valued at approximately $2,744,045.99. This represents a 8.35% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 24,932 shares of company stock worth $263,219. Insiders own 13.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CRGY. Mizuho reduced their target price on shares of Crescent Energy from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday. Siebert Williams Shank started coverage on Crescent Energy in a research report on Monday, February 3rd. They issued a “buy” rating for the company. Stephens restated an “overweight” rating and set a $17.00 price objective on shares of Crescent Energy in a research report on Monday, March 3rd. JPMorgan Chase & Co. cut their target price 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. Finally, Wells Fargo & Company reduced their target price on Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.30.

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.