28,000 Shares in Crescent Energy (NYSE:CRGY) Acquired by SCP Investment LP

SCP Investment LP acquired a new stake in shares of Crescent Energy (NYSE:CRGY) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 28,000 shares of the company’s stock, valued at approximately $409,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Pictet Asset Management Holding SA raised its position in shares of Crescent Energy by 10.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 24,234 shares of the company’s stock worth $354,000 after purchasing an additional 2,306 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Crescent Energy by 326.2% in the fourth quarter. JPMorgan Chase & Co. now owns 268,844 shares of the company’s stock worth $3,928,000 after buying an additional 205,760 shares during the last quarter. Segall Bryant & Hamill LLC raised its holdings in Crescent Energy by 4.5% in the fourth quarter. Segall Bryant & Hamill LLC now owns 3,210,907 shares of the company’s stock worth $46,911,000 after buying an additional 138,497 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of Crescent Energy by 37.9% in the fourth quarter. Prudential Financial Inc. now owns 176,026 shares of the company’s stock worth $2,572,000 after buying an additional 48,395 shares in the last quarter. Finally, Corebridge Financial Inc. grew its holdings in shares of Crescent Energy by 13.4% during the fourth quarter. Corebridge Financial Inc. now owns 86,962 shares of the company’s stock valued at $1,271,000 after buying an additional 10,246 shares during the last quarter. 52.11% of the stock is owned by institutional investors.

Crescent Energy Stock Performance

CRGY opened at $11.13 on Friday. The company’s 50 day moving average is $13.43 and its 200 day moving average is $13.49. 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 $2.88 billion, a price-to-earnings ratio of 17.94 and a beta of 2.18. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $16.94.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date was Wednesday, March 12th. Crescent Energy’s payout ratio is -69.57%.

Analyst Upgrades and Downgrades

CRGY has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their price objective on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, March 24th. Stephens restated an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Monday, March 3rd. Truist Financial increased their price objective on Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Mizuho boosted their target price on Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Finally, Williams Trading set a $16.00 price target on shares of Crescent Energy in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.09.

Insider Transactions at Crescent Energy

In other news, Director Michael Duginski acquired 4,000 shares of Crescent Energy stock in a transaction dated Tuesday, March 11th. The stock was purchased at an average cost 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 in the company, valued at approximately $2,424,840.66. This trade represents a 1.74 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm’s stock in a transaction 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. Insiders purchased 24,932 shares of company stock worth $263,219 in the last three months. Corporate insiders own 13.20% of the company’s stock.

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.