Crescent Energy (NYSE:CRGY) Trading Up 4.4% – Still a Buy?

Shares of Crescent Energy (NYSE:CRGY) rose 4.4% on Wednesday . The stock traded as high as $8.16 and last traded at $8.11. Approximately 2,097,477 shares traded hands during trading, a decline of 34% from the average daily volume of 3,175,013 shares. The stock had previously closed at $7.76.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRGY. Mizuho upped their price objective on Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Citigroup cut shares of Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. JPMorgan Chase & Co. dropped 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. Stephens restated an “overweight” rating and set a $17.00 price target on shares of Crescent Energy in a research report on Monday, March 3rd. Finally, Siebert Williams Shank initiated coverage on Crescent Energy in a report on Monday, February 3rd. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Crescent Energy Trading Up 2.8 %

The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a fifty day moving average price of $11.20 and a two-hundred day moving average price of $13.18. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 13.48 and a beta of 1.88.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.74%. The ex-dividend date was Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is presently -69.57%.

Insider Transactions at Crescent Energy

In other news, Director Michael Duginski purchased 20,000 shares of Crescent Energy stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price of $10.57 per share, with a total value of $211,400.00. Following the transaction, the director now owns 259,607 shares in the company, valued at $2,744,045.99. This represents a 8.35 % increase in their ownership of the stock. The purchase 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 stock in a transaction that occurred 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 a total of 24,932 shares of company stock worth $263,219 in the last quarter. Company insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio boosted its stake in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock worth $40,000 after buying an additional 705 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of Crescent Energy by 4.3% in the 4th quarter. Hsbc Holdings PLC now owns 18,902 shares of the company’s stock worth $276,000 after acquiring an additional 785 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Crescent Energy by 2.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 37,831 shares of the company’s stock worth $553,000 after purchasing an additional 897 shares during the period. Dark Forest Capital Management LP increased its holdings in Crescent Energy by 4.0% in the 4th quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company’s stock valued at $487,000 after purchasing an additional 1,282 shares during the last quarter. Finally, Yousif Capital Management LLC raised its position in Crescent Energy by 2.1% in the first quarter. Yousif Capital Management LLC now owns 66,806 shares of the company’s stock valued at $751,000 after purchasing an additional 1,382 shares during the period. 52.11% of the stock is owned by institutional investors and hedge funds.

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.