Crescent Energy (NYSE:CRGY) Shares Bought by Seven Grand Managers LLC

Seven Grand Managers LLC lifted its holdings in shares of Crescent Energy (NYSE:CRGY) by 25.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 500,000 shares of the company’s stock after buying an additional 100,000 shares during the quarter. Crescent Energy makes up approximately 3.3% of Seven Grand Managers LLC’s investment portfolio, making the stock its 14th largest position. Seven Grand Managers LLC owned approximately 0.22% of Crescent Energy worth $7,305,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pacer Advisors Inc. acquired a new position in Crescent Energy during the fourth quarter worth $170,905,000. Vanguard Group Inc. raised its position in shares of Crescent Energy by 26.4% during the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock worth $303,150,000 after purchasing an additional 4,332,831 shares during the last quarter. Jennison Associates LLC lifted its stake in Crescent Energy by 234.4% in the 4th quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock valued at $69,914,000 after buying an additional 3,354,362 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Crescent Energy by 55.5% in the 4th 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 last quarter. Finally, ArrowMark Colorado Holdings LLC purchased a new stake in Crescent Energy during the 4th quarter worth approximately $36,593,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski bought 20,000 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $10.57 per share, with a total value of $211,400.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction on 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. Insiders have purchased 24,932 shares of company stock valued at $263,219 over the last 90 days. 13.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on CRGY shares. Citigroup cut Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. Siebert Williams Shank started coverage on shares of Crescent Energy in a report on Monday, February 3rd. They set a “buy” rating for the company. Stephens reiterated an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Monday, March 3rd. Raymond James restated a “strong-buy” rating and set a $18.00 price target (down from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. Finally, Williams Trading set a $16.00 price objective on shares of Crescent Energy in a research note 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 one has 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 a consensus price target of $16.30.

Crescent Energy Stock Down 2.7%

CRGY stock opened at $9.21 on Friday. Crescent Energy has a one year low of $6.83 and a one year high of $16.94. The firm has a market cap of $2.35 billion, a PE ratio of 14.85 and a beta of 1.86. The firm’s 50 day moving average price is $9.31 and its 200-day moving average price is $12.62. 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 (NYSE:CRGY) last posted its earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.09. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $950.17 million during the quarter, compared to analysts’ expectations of $937.55 million. On average, equities research analysts anticipate that Crescent Energy will post 0.77 EPS for the current year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a $0.12 dividend. The ex-dividend date is Monday, May 19th. This represents a $0.48 annualized dividend and a yield of 5.21%. Crescent Energy’s dividend payout ratio (DPR) is currently -106.67%.

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.