Paloma Partners Management Co Takes Position in Crescent Energy (NYSE:CRGY)

Paloma Partners Management Co purchased a new stake in Crescent Energy (NYSE:CRGY) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $146,000.

A number of other large investors have also bought and sold shares of CRGY. Pacer Advisors Inc. bought a new stake in Crescent Energy during the 4th quarter worth approximately $170,905,000. Vanguard Group Inc. increased its stake in 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 in the last quarter. Jennison Associates LLC increased its stake in Crescent Energy by 234.4% during the 4th quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock worth $69,914,000 after purchasing an additional 3,354,362 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Crescent Energy by 55.5% during 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 purchasing an additional 3,305,833 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in Crescent Energy by 6,700.0% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,700,000 shares of the company’s stock worth $24,837,000 after purchasing an additional 1,675,000 shares in the last quarter. 52.11% of the stock is owned by institutional investors.

Crescent Energy Trading Down 1.5 %

Shares of Crescent Energy stock opened at $8.56 on Wednesday. The business has a fifty day simple moving average of $10.17 and a two-hundred day simple moving average of $12.94. Crescent Energy has a 1 year low of $6.83 and a 1 year high of $16.94. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 13.81 and a beta of 1.88. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.61%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s dividend payout ratio is -69.57%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Siebert Williams Shank assumed coverage on Crescent Energy in a research note on Monday, February 3rd. They set a “buy” rating for the company. Truist Financial upped their price target on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Raymond James reaffirmed a “strong-buy” rating and set a $18.00 price target (down previously from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. Stephens reaffirmed an “overweight” rating and set a $17.00 price target on shares of Crescent Energy in a research report on Monday, March 3rd. Finally, Williams Trading set a $16.00 price target on Crescent Energy in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.80.

Insider Buying and Selling at Crescent Energy

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was 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 Securities & Exchange Commission, which is available at this link. Also, Director Michael Duginski purchased 4,000 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were acquired at an average cost of $10.38 per share, with a total value of $41,520.00. Following the acquisition, the director now directly owns 233,607 shares in the company, valued at approximately $2,424,840.66. The trade was a 1.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 24,932 shares of company stock valued at $263,219 in the last quarter. 13.20% of the stock is currently owned by insiders.

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.