Clearbridge Investments LLC Acquires Shares of 675,471 Crescent Energy (NYSE:CRGY)

Clearbridge Investments LLC acquired a new position in shares of Crescent Energy (NYSE:CRGY) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 675,471 shares of the company’s stock, valued at approximately $9,869,000. Clearbridge Investments LLC owned approximately 0.30% of Crescent Energy as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CRGY. Jones Financial Companies Lllp increased its position 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. GAMMA Investing LLC increased its holdings in Crescent Energy by 48.3% in the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after purchasing an additional 1,621 shares in the last quarter. Zacks Investment Management bought a new position in Crescent Energy in the third quarter valued at about $121,000. Toth Financial Advisory Corp acquired a new stake in shares of Crescent Energy during the fourth quarter valued at about $131,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of Crescent Energy by 619.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company’s stock valued at $152,000 after buying an additional 8,942 shares during the period. 52.11% of the stock is owned by institutional investors.

Insider Activity at Crescent Energy

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael Duginski purchased 20,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $10.57 per share, for a total transaction of $211,400.00. Following the acquisition, the director now directly owns 259,607 shares in the company, valued at $2,744,045.99. This trade represents a 8.35 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 24,932 shares of company stock valued at $263,219 over the last ninety days. Corporate insiders own 13.20% of the company’s stock.

Crescent Energy Price Performance

CRGY stock opened at $11.19 on Thursday. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The business has a 50-day simple moving average of $13.12 and a two-hundred day simple moving average of $13.50. The company has a market capitalization of $2.89 billion, a P/E ratio of 18.05 and a beta of 2.18.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 4.29%. The ex-dividend date was Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is presently -69.57%.

Analysts Set New Price Targets

CRGY has been the topic of several recent research reports. Wells Fargo & Company cut their target price on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research report on Wednesday, March 5th. Raymond James reaffirmed a “strong-buy” rating and issued a $18.00 price objective (down from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Mizuho lifted their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Finally, Stephens reissued an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Crescent Energy has an average rating of “Moderate Buy” and a consensus price target of $17.09.

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.