Jupiter Asset Management Ltd. Invests $6.13 Million in Crescent Energy (NYSE:CRGY)

Jupiter Asset Management Ltd. acquired a new position in shares of Crescent Energy (NYSE:CRGY) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 419,762 shares of the company’s stock, valued at approximately $6,133,000. Jupiter Asset Management Ltd. owned 0.18% of Crescent Energy at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Pacer Advisors Inc. acquired a new position in shares of Crescent Energy during the fourth quarter worth approximately $170,905,000. Bank of New York Mellon Corp boosted its position in shares of Crescent Energy by 55.5% during 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 buying an additional 3,305,833 shares during the period. State Street Corp boosted its position in shares of Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after buying an additional 2,986,468 shares during the period. Jennison Associates LLC boosted its position in shares of Crescent Energy by 234.4% during the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock worth $69,914,000 after buying an additional 3,354,362 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Crescent Energy by 0.9% during the third quarter. The Manufacturers Life Insurance Company now owns 3,698,678 shares of the company’s stock worth $40,501,000 after buying an additional 33,626 shares during the period. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Crescent Energy

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael Duginski bought 4,000 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the purchase, the director now owns 233,607 shares in the company, valued at approximately $2,424,840.66. This trade represents a 1.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 13.20% of the company’s stock.

Crescent Energy Price Performance

Shares of NYSE:CRGY opened at $10.49 on Friday. Crescent Energy has a one year low of $9.88 and a one year high of $16.94. The stock has a fifty day moving average of $14.55 and a 200-day moving average of $13.49. The company has a market capitalization of $2.71 billion, a PE ratio of 16.91 and a beta of 2.18. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 4.58%. The ex-dividend date is Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is currently -69.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CRGY shares. Stephens restated an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Monday, March 3rd. Siebert Williams Shank started coverage on Crescent Energy in a research report on Monday, February 3rd. They issued a “buy” rating for the company. Williams Trading set a $16.00 target price on Crescent Energy in a research report on Wednesday, March 5th. Truist Financial upped their target price on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Mizuho upped 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. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Crescent Energy currently has a consensus rating of “Moderate Buy” and an average price target of $17.45.

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.