Bank of New York Mellon Corp Buys 3,305,833 Shares of Crescent Energy (NYSE:CRGY)

Bank of New York Mellon Corp lifted its holdings in Crescent Energy (NYSE:CRGY - Free Report) by 55.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,261,876 shares of the company's stock after purchasing an additional 3,305,833 shares during the period. Bank of New York Mellon Corp owned about 4.06% of Crescent Energy worth $135,316,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp increased its position in shares of Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company's stock worth $74,285,000 after acquiring an additional 2,986,468 shares in the last quarter. Empowered Funds LLC increased its position in shares of Crescent Energy by 11.4% in the third quarter. Empowered Funds LLC now owns 925,301 shares of the company's stock worth $10,132,000 after acquiring an additional 94,948 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Crescent Energy by 53.2% in the third quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company's stock worth $36,741,000 after acquiring an additional 1,164,306 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of Crescent Energy in the fourth quarter worth approximately $1,233,000. Finally, Principal Financial Group Inc. increased its position in shares of Crescent Energy by 7,793.7% in the fourth quarter. Principal Financial Group Inc. now owns 847,549 shares of the company's stock worth $12,383,000 after acquiring an additional 836,812 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Stock Down 8.2 %

NYSE CRGY traded down $1.03 during trading on Monday, reaching $11.59. The company's stock had a trading volume of 5,321,032 shares, compared to its average volume of 2,583,878. 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 stock has a market capitalization of $2.65 billion, a PE ratio of 18.69 and a beta of 2.16. The business has a 50-day moving average price of $15.02 and a 200-day moving average price of $13.52. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $16.94.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Wednesday, March 12th. Crescent Energy's dividend payout ratio (DPR) is presently -69.57%.

Wall Street Analyst Weigh In

CRGY has been the topic of several analyst reports. Raymond James lifted their target price on shares of Crescent Energy from $22.00 to $23.00 and gave the stock a "strong-buy" rating in a research report on Thursday, January 23rd. Mizuho boosted their price objective on shares of Crescent Energy from $16.00 to $17.00 and gave the company a "neutral" rating in a research report on Tuesday, January 14th. Siebert Williams Shank started coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They set a "buy" rating on the stock. Truist Financial boosted their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Finally, Stephens reaffirmed an "overweight" rating and set a $17.00 price objective on shares of Crescent Energy in a research report on Monday. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Crescent Energy has a consensus rating of "Buy" and an average price target of $17.60.

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.