Covalis Capital LLP Invests $23.38 Million in Crescent Energy (NYSE:CRGY)

Covalis Capital LLP purchased a new position in Crescent Energy (NYSE:CRGY - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,600,000 shares of the company's stock, valued at approximately $23,376,000. Crescent Energy comprises 3.4% of Covalis Capital LLP's portfolio, making the stock its 7th biggest holding. Covalis Capital LLP owned approximately 0.70% of Crescent Energy as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp increased its stake in shares of Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock worth $52,000 after purchasing an additional 2,377 shares during the last quarter. GAMMA Investing LLC increased its position in Crescent Energy by 48.3% during the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock worth $73,000 after buying an additional 1,621 shares during the last quarter. Toth Financial Advisory Corp bought a new position in Crescent Energy during the fourth quarter valued at about $131,000. PNC Financial Services Group Inc. lifted its position in shares of Crescent Energy by 619.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company's stock worth $152,000 after buying an additional 8,942 shares during the last quarter. Finally, Olympiad Research LP bought a new stake in shares of Crescent Energy during the 4th quarter worth about $174,000. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRGY has been the subject of a number of research analyst reports. Siebert Williams Shank initiated coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They set a "buy" rating for the company. Wells Fargo & Company cut their price objective on Crescent Energy from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Citigroup lowered Crescent Energy to a "reduce" rating in a report on Wednesday, March 5th. Truist Financial upped their price target on Crescent Energy from $18.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Finally, Mizuho boosted their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $16.80.

Insider Transactions at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Duginski purchased 20,000 shares of Crescent Energy stock in a transaction on Thursday, March 13th. The stock was purchased at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the transaction, the director now owns 259,607 shares of the company's stock, valued at approximately $2,744,045.99. This represents a 8.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 24,932 shares of company stock valued at $263,219. Corporate insiders own 13.20% of the company's stock.

Crescent Energy Price Performance

Shares of Crescent Energy stock traded up $0.13 during trading on Thursday, hitting $8.40. 930,741 shares of the company's stock traded hands, compared to its average volume of 3,551,723. Crescent Energy has a twelve month low of $6.83 and a twelve month high of $16.94. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $2.17 billion, a PE ratio of 13.54 and a beta of 1.88. The firm's fifty day moving average price is $10.68 and its 200 day moving average price is $13.07.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were paid a $0.12 dividend. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 annualized dividend and a dividend yield of 5.72%. Crescent Energy's dividend payout ratio is currently -69.57%.

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.