Laird Norton Wetherby Trust Company LLC Invests $247,000 in Crescent Energy (NYSE:CRGY)

Laird Norton Wetherby Trust Company LLC acquired a new position in Crescent Energy (NYSE:CRGY) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 16,911 shares of the company’s stock, valued at approximately $247,000.

Several other institutional investors have also recently made changes to their positions in the business. Pacer Advisors Inc. bought a new position in shares of Crescent Energy in the fourth quarter worth about $170,905,000. Vanguard Group Inc. raised its stake in shares of Crescent Energy by 26.4% in the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock worth $303,150,000 after buying an additional 4,332,831 shares during the period. 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 worth $69,914,000 after buying an additional 3,354,362 shares during the period. Bank of New York Mellon Corp raised 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 acquiring an additional 3,305,833 shares during the period. Finally, ArrowMark Colorado Holdings LLC bought a new stake in Crescent Energy during the 4th quarter worth approximately $36,593,000. Institutional investors own 52.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRGY. Truist Financial raised their target price on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Wells Fargo & Company decreased their price objective on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. Citigroup cut Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price target on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Finally, Stephens reissued an “overweight” rating and set 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 issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Crescent Energy currently has a consensus rating of “Moderate Buy” and an average target price of $16.80.

Insider Activity

In other news, Director Michael Duginski purchased 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average cost of $10.57 per share, for a total transaction of $211,400.00. Following the acquisition, the director now owns 259,607 shares of the company’s stock, valued at approximately $2,744,045.99. This trade represents a 8.35% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 24,932 shares of company stock valued at $263,219. 13.20% of the stock is currently owned by insiders.

Crescent Energy Stock Performance

NYSE:CRGY opened at $8.58 on Monday. The stock’s 50 day simple moving average is $9.42 and its two-hundred day simple moving average is $12.71. Crescent Energy has a 1 year low of $6.83 and a 1 year high of $16.94. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 13.84 and a beta of 1.86. 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 (NYSE:CRGY) last posted its earnings results on Monday, May 5th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.09. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The firm had revenue of $950.17 million for the quarter, compared to the consensus estimate of $937.55 million. As a group, equities analysts anticipate that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.59%. The ex-dividend date is Monday, May 19th. Crescent Energy’s dividend payout ratio is currently -106.67%.

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.