Man Group plc Sells 1,187,008 Shares of Crescent Energy (NYSE:CRGY)

Man Group plc trimmed its holdings in shares of Crescent Energy (NYSE:CRGY) by 97.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,624 shares of the company’s stock after selling 1,187,008 shares during the quarter. Man Group plc’s holdings in Crescent Energy were worth $389,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of CRGY. Jones Financial Companies Lllp increased its stake in Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock worth $52,000 after purchasing an additional 2,377 shares in the last quarter. Quarry LP grew its stake in shares of Crescent Energy by 263.4% during the 4th quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $64,000 after acquiring an additional 3,155 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of Crescent Energy during the 4th quarter worth approximately $146,000. PNC Financial Services Group Inc. grew its stake in shares of Crescent Energy by 619.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company’s stock worth $152,000 after acquiring an additional 8,942 shares in the last quarter. Finally, Syon Capital LLC bought a new position in shares of Crescent Energy during the 4th quarter worth approximately $172,000. 52.11% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their price target 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. Citigroup cut shares of Crescent Energy to a “reduce” rating in a research note on Wednesday, March 5th. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research note on Wednesday, March 5th. Siebert Williams Shank assumed coverage on shares of Crescent Energy in a research note on Monday, February 3rd. They issued a “buy” rating for the company. Finally, Mizuho decreased 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, May 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Crescent Energy currently has an average rating of “Moderate Buy” and a consensus price target of $16.30.

Crescent Energy Trading Down 0.8%

CRGY opened at $8.56 on Tuesday. Crescent Energy has a twelve month low of $6.83 and a twelve month high of $16.94. The company has a 50-day simple moving average of $9.01 and a 200 day simple moving average of $12.42. 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 stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of 13.80 and a beta of 1.86.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data 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. The business had revenue of $950.17 million during the quarter, compared to analysts’ expectations of $937.55 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. Analysts predict that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.61%. The ex-dividend date of this dividend is Monday, May 19th. Crescent Energy’s payout ratio is -106.67%.

Insiders Place Their Bets

In other news, Director Michael Duginski acquired 4,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was bought at an average price of $10.38 per share, with a total value of $41,520.00. Following the completion of the purchase, the director now directly owns 233,607 shares of the company’s stock, valued at $2,424,840.66. This represents a 1.74% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 shares were sold at an average price of $9.91, for a total value of $29,221,844.93. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 24,932 shares of company stock valued at $263,219. 13.20% of the stock is currently owned by corporate insiders.

Crescent Energy 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.