Clearbridge Investments LLC Invests $9.87 Million in Crescent Energy (NYSE:CRGY)

Clearbridge Investments LLC purchased a new stake in shares of Crescent Energy (NYSE:CRGY) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 675,471 shares of the company’s stock, valued at approximately $9,869,000.

A number of other institutional investors also recently modified their holdings of CRGY. Jones Financial Companies Lllp raised its holdings in Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after acquiring an additional 2,377 shares during the period. GAMMA Investing LLC grew its position in shares of Crescent Energy by 48.3% in the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock valued at $73,000 after purchasing an additional 1,621 shares in the last quarter. Toth Financial Advisory Corp bought a new stake in shares of Crescent Energy during the 4th quarter valued at $131,000. PNC Financial Services Group Inc. lifted its holdings in 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 purchasing an additional 8,942 shares in the last quarter. Finally, Zacks Investment Management bought a new position in Crescent Energy in the 3rd quarter worth about $121,000. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CRGY. Raymond James reissued a “strong-buy” rating and issued a $18.00 price target (down from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Williams Trading set a $16.00 price target on shares of Crescent Energy in a report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price objective on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Truist Financial boosted 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, Stephens reaffirmed an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.09.

Insider Transactions at Crescent Energy

In other news, Director Michael Duginski acquired 4,000 shares of the 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 owns 233,607 shares in the company, valued at approximately $2,424,840.66. The trade was a 1.74 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was 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 quarter, insiders have purchased 24,932 shares of company stock worth $263,219. Company insiders own 13.20% of the company’s stock.

Crescent Energy Price Performance

Shares of Crescent Energy stock opened at $11.19 on Thursday. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 18.05 and a beta of 2.18. The company has a fifty day moving average of $13.12 and a 200-day moving average of $13.50. 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.

Crescent Energy Dividend Announcement

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

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.