Adage Capital Partners GP L.L.C. Buys 1,675,000 Shares of Crescent Energy (NYSE:CRGY)

Adage Capital Partners GP L.L.C. raised its position in shares of Crescent Energy (NYSE:CRGY - Free Report) by 6,700.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,700,000 shares of the company's stock after acquiring an additional 1,675,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.74% of Crescent Energy worth $24,837,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in Crescent Energy during the fourth quarter valued at $1,811,000. SCP Investment LP bought a new stake in shares of Crescent Energy during the 4th quarter valued at about $409,000. Clearbridge Investments LLC purchased a new stake in Crescent Energy in the fourth quarter worth $9,869,000. Thrivent Financial for Lutherans bought a new stake in shares of Crescent Energy in the 4th quarter worth approximately $2,981,000. Finally, Vanguard Group Inc. grew its position in Crescent Energy by 26.4% during the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company's stock valued at $303,150,000 after purchasing an additional 4,332,831 shares during the last quarter. 52.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CRGY shares. Stephens reissued an "overweight" rating and issued a $17.00 price objective on shares of Crescent Energy in a report on Monday, March 3rd. KeyCorp reduced their price target on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. JPMorgan Chase & Co. reduced their price objective on Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Siebert Williams Shank began coverage on Crescent Energy in a research note on Monday, February 3rd. They issued a "buy" rating on the stock. Finally, Truist Financial upped their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the company a "buy" rating in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $16.80.

Crescent Energy Stock Performance

Crescent Energy stock traded down $0.13 during midday trading on Tuesday, reaching $8.56. 2,760,938 shares of the stock traded hands, compared to its average volume of 3,252,083. Crescent Energy has a fifty-two week low of $6.83 and a fifty-two week high of $16.94. The firm has a fifty day moving average price of $10.30 and a two-hundred day moving average price of $12.98. 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 firm has a market cap of $2.21 billion, a price-to-earnings ratio of 13.81 and a beta of 1.88.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.61%. Crescent Energy's payout ratio is currently -69.57%.

Insiders Place Their Bets

In other Crescent Energy news, Director Michael Duginski purchased 20,000 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $10.57 per share, with a total value of $211,400.00. Following the acquisition, the director now directly 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 acquisition was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business's stock in a transaction 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 purchased a total of 24,932 shares of company stock worth $263,219 in the last quarter. 13.20% of the stock is currently owned by corporate insiders.

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.