Balyasny Asset Management L.P. Sells 1,388,463 Shares of Crescent Energy (NYSE:CRGY)

Balyasny Asset Management L.P. lowered its stake in shares of Crescent Energy (NYSE:CRGY) by 99.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,711 shares of the company’s stock after selling 1,388,463 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Crescent Energy were worth $200,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CRGY. Pacer Advisors Inc. purchased a new position in shares of Crescent Energy during the fourth quarter worth approximately $170,905,000. Vanguard Group Inc. raised its position in Crescent Energy by 26.4% in 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. Jennison Associates LLC lifted its stake in Crescent Energy by 234.4% in the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock worth $69,914,000 after purchasing an additional 3,354,362 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in 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 purchasing an additional 3,305,833 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC purchased a new stake in Crescent Energy during the fourth quarter valued at about $36,593,000. 52.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CRGY shares. KeyCorp lowered their target price on Crescent Energy from $18.00 to $14.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Williams Trading set a $16.00 price objective on Crescent Energy in a research report on Wednesday, March 5th. Stephens restated an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a report on Monday, March 3rd. Raymond James reiterated a “strong-buy” rating and set a $18.00 price target (down from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Finally, Wells Fargo & Company dropped their price target 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.30.

Insider Buying and Selling at Crescent Energy

In other Crescent Energy news, Director Michael Duginski acquired 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average price of $10.57 per share, with a total value of $211,400.00. Following the completion of the acquisition, the director now owns 259,607 shares in the company, valued at $2,744,045.99. This represents a 8.35% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were 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. In the last ninety days, insiders purchased 24,932 shares of company stock worth $263,219. Insiders own 13.20% of the company’s stock.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $9.14 on Monday. The firm has a market cap of $2.33 billion, a P/E ratio of 14.75 and a beta of 1.86. Crescent Energy has a twelve month low of $6.83 and a twelve month high of $16.94. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a 50 day moving average of $9.28 and a 200 day moving average of $12.60.

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

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 5.25%. The ex-dividend date of this dividend is Monday, May 19th. Crescent Energy’s dividend payout ratio (DPR) is presently -106.67%.

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.