28,000 Shares in Crescent Energy (NYSE:CRGY) Purchased by SCP Investment LP

SCP Investment LP acquired a new position in Crescent Energy (NYSE:CRGY - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 28,000 shares of the company's stock, valued at approximately $409,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Intech Investment Management LLC acquired a new position in Crescent Energy in the third quarter valued at about $350,000. Charles Schwab Investment Management Inc. raised its position in shares of Crescent Energy by 59.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,586,265 shares of the company's stock valued at $17,370,000 after acquiring an additional 589,665 shares during the period. Citigroup Inc. boosted its stake in Crescent Energy by 335.1% during the 3rd quarter. Citigroup Inc. now owns 343,940 shares of the company's stock worth $3,766,000 after acquiring an additional 264,883 shares during the last quarter. FMR LLC grew its holdings in Crescent Energy by 191.1% during the third quarter. FMR LLC now owns 657,337 shares of the company's stock valued at $7,198,000 after purchasing an additional 431,497 shares during the period. Finally, Quantbot Technologies LP raised its holdings in Crescent Energy by 15.6% in the third quarter. Quantbot Technologies LP now owns 143,263 shares of the company's stock worth $1,569,000 after purchasing an additional 19,322 shares during the period. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CRGY shares. Williams Trading set a $16.00 price target on Crescent Energy in a research report on Wednesday, March 5th. Mizuho increased their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Tuesday, January 14th. Raymond James reiterated a "strong-buy" rating and issued a $18.00 price target (down from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Truist Financial increased their price objective 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. Finally, Siebert Williams Shank started coverage on Crescent Energy in a report on Monday, February 3rd. They set a "buy" rating on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Crescent Energy has a consensus rating of "Moderate Buy" and an average price target of $17.09.

Insider Transactions at Crescent Energy

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total value of $29,221,844.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael Duginski bought 4,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the director now owns 233,607 shares of the company's stock, valued at $2,424,840.66. This represents a 1.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 24,932 shares of company stock worth $263,219 over the last three months. 13.20% of the stock is owned by company insiders.

Crescent Energy Price Performance

CRGY stock traded down $1.62 during trading on Thursday, reaching $9.56. 1,854,710 shares of the company were exchanged, compared to its average volume of 3,047,785. Crescent Energy has a twelve month low of $9.46 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 capitalization of $2.47 billion, a price-to-earnings ratio of 15.42 and a beta of 2.18. The company has a 50-day moving average of $13.12 and a two-hundred day moving average of $13.50.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date was Wednesday, March 12th. Crescent Energy's payout ratio is -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.