Clearbridge Investments LLC Invests $9.87 Million in Crescent Energy (NYSE:CRGY)

Clearbridge Investments LLC purchased a new stake in Crescent Energy (NYSE:CRGY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 675,471 shares of the company's stock, valued at approximately $9,869,000. Clearbridge Investments LLC owned 0.30% of Crescent Energy at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Intech Investment Management LLC bought a new stake in Crescent Energy in the third quarter valued at about $350,000. Charles Schwab Investment Management Inc. grew its stake 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 purchasing an additional 589,665 shares during the period. Citigroup Inc. raised its holdings in shares of Crescent Energy by 335.1% in the 3rd quarter. Citigroup Inc. now owns 343,940 shares of the company's stock worth $3,766,000 after buying an additional 264,883 shares in the last quarter. FMR LLC lifted its position in shares of Crescent Energy by 191.1% during the 3rd quarter. FMR LLC now owns 657,337 shares of the company's stock worth $7,198,000 after buying an additional 431,497 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in Crescent Energy by 43.0% in the 3rd quarter. MetLife Investment Management LLC now owns 79,786 shares of the company's stock valued at $874,000 after buying an additional 23,990 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company's stock.

Insider Activity

In related news, Director Michael Duginski bought 20,000 shares of the business's stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of $10.57 per share, with a total value of $211,400.00. Following the completion of the purchase, the director now owns 259,607 shares of the company's stock, valued at $2,744,045.99. This represents a 8.35 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business'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 disclosure for this sale can be found here. In the last quarter, insiders have acquired 24,932 shares of company stock valued at $263,219. 13.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CRGY shares. Truist Financial increased their price objective on Crescent Energy from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Citigroup downgraded shares of Crescent Energy to a "reduce" rating in a report on Wednesday, March 5th. Siebert Williams Shank started coverage on shares of Crescent Energy in a research note on Monday, February 3rd. They set a "buy" rating on the stock. Stephens reissued an "overweight" rating and issued a $17.00 target price on shares of Crescent Energy in a report on Monday, March 3rd. Finally, Raymond James reaffirmed a "strong-buy" rating and set a $18.00 price target (down from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Crescent Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.09.

Crescent Energy Trading Up 0.7 %

Shares of CRGY traded up $0.06 during trading hours on Monday, hitting $7.88. 6,356,845 shares of the stock traded hands, compared to its average volume of 3,090,428. The business has a fifty day moving average of $12.66 and a 200-day moving average of $13.46. The firm has a market capitalization of $2.04 billion, a PE ratio of 12.70 and a beta of 1.88. Crescent Energy has a 1-year low of $7.14 and a 1-year high of $16.94. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12.

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 paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 6.10%. The ex-dividend date was Wednesday, March 12th. Crescent Energy's dividend payout ratio (DPR) is presently -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.