Tower Research Capital LLC TRC lowered its stake in Crescent Energy (NYSE:CRGY – Free Report) by 84.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,137 shares of the company’s stock after selling 11,733 shares during the period. Tower Research Capital LLC TRC’s holdings in Crescent Energy were worth $31,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in CRGY. Raymond James Financial Inc. acquired a new position in shares of Crescent Energy during the fourth quarter worth $1,811,000. SCP Investment LP acquired a new position in shares of Crescent Energy during the fourth quarter worth $409,000. Clearbridge Investments LLC acquired a new position in shares of Crescent Energy during the fourth quarter worth $9,869,000. Thrivent Financial for Lutherans acquired a new position in shares of Crescent Energy during the fourth quarter worth $2,981,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Crescent Energy by 26.4% during the fourth 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. Institutional investors and hedge funds own 52.11% of the company’s stock.
Crescent Energy Trading Down 2.7%
CRGY opened at $9.21 on Friday. Crescent Energy has a 1-year low of $6.83 and a 1-year high of $16.94. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a market cap of $2.35 billion, a P/E ratio of 14.85 and a beta of 1.86. The company has a fifty day moving average price of $9.31 and a two-hundred day moving average price of $12.62.
Crescent Energy Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 5.21%. The ex-dividend date of this dividend is Monday, May 19th. Crescent Energy’s dividend payout ratio (DPR) is currently -106.67%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on CRGY. Wells Fargo & Company cut their price target 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. Stephens reiterated an “overweight” rating and set a $17.00 price target on shares of Crescent Energy in a report on Monday, March 3rd. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research note on Wednesday, March 5th. Raymond James reissued a “strong-buy” rating and set a $18.00 target price (down previously from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. 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 stock. According to data from MarketBeat.com, Crescent Energy presently has an average rating of “Moderate Buy” and an average target price of $16.30.
View Our Latest Research Report on Crescent Energy
Insider Buying and Selling at Crescent Energy
In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael Duginski bought 4,000 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average cost of $10.38 per share, with a total value of $41,520.00. Following the completion of the transaction, the director now owns 233,607 shares of the company’s stock, valued at $2,424,840.66. This represents a 1.74% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 24,932 shares of company stock valued at $263,219. Corporate insiders own 13.20% of the company’s stock.
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.
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