Maryland State Retirement & Pension System Invests $864,000 in Crescent Energy (NYSE:CRGY)

Maryland State Retirement & Pension System bought a new stake in Crescent Energy (NYSE:CRGY) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 59,167 shares of the company’s stock, valued at approximately $864,000.

Other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new position in Crescent Energy in the 4th quarter valued at approximately $170,905,000. Jennison Associates LLC raised its stake in shares of Crescent Energy by 234.4% in the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock valued at $69,914,000 after purchasing an additional 3,354,362 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Crescent Energy by 55.5% in 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 purchasing an additional 3,305,833 shares during the period. State Street Corp boosted its stake in 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 in the last quarter. Finally, Wellington Management Group LLP bought a new stake in Crescent Energy in the 3rd quarter valued at $21,872,000. 52.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski purchased 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the acquisition, the director now directly owns 259,607 shares in the company, valued at approximately $2,744,045.99. The trade was a 8.35 % increase in their ownership of the stock. The transaction 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 business’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. In the last 90 days, insiders purchased 24,932 shares of company stock worth $263,219. 13.20% of the stock is currently owned by corporate insiders.

Crescent Energy Price Performance

Shares of CRGY stock opened at $11.44 on Monday. Crescent Energy has a 52 week low of $9.88 and a 52 week high of $16.94. The stock has a market capitalization of $2.96 billion, a PE ratio of 18.44 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. The stock’s fifty day moving average is $13.95 and its 200-day moving average is $13.48.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend is Wednesday, March 12th. Crescent Energy’s dividend payout ratio is currently -69.57%.

Analysts Set New Price Targets

CRGY has been the topic of several recent research reports. JPMorgan Chase & Co. decreased their target price on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Mizuho lifted their price objective on Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Truist Financial increased their target price on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Raymond James boosted their price target on Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Finally, Williams Trading set a $16.00 price objective on Crescent Energy in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $17.45.

Crescent Energy Company 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.