JPMorgan Chase & Co. Grows Stake in Crescent Energy (NYSE:CRGY)

JPMorgan Chase & Co. increased its holdings in shares of Crescent Energy (NYSE:CRGY - Free Report) by 326.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 268,844 shares of the company's stock after purchasing an additional 205,760 shares during the quarter. JPMorgan Chase & Co. owned 0.12% of Crescent Energy worth $3,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CRGY. Jones Financial Companies Lllp lifted its stake in Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock valued at $52,000 after acquiring an additional 2,377 shares during the period. GAMMA Investing LLC raised its holdings in shares of Crescent Energy by 48.3% during the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock valued at $73,000 after purchasing 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 approximately $131,000. PNC Financial Services Group Inc. boosted its holdings in 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 purchasing an additional 8,942 shares during the last quarter. Finally, Olympiad Research LP bought a new stake in Crescent Energy in the 4th quarter worth approximately $174,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

Crescent Energy Price Performance

Shares of CRGY stock traded down $0.03 on Wednesday, hitting $8.27. 4,090,141 shares of the stock traded hands, compared to its average volume of 3,234,336. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. Crescent Energy has a 52 week low of $6.83 and a 52 week high of $16.94. The firm has a 50 day simple moving average of $10.82 and a two-hundred day simple moving average of $13.11. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 13.34 and a beta of 1.88.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 5.80%. Crescent Energy's dividend payout ratio is presently -69.57%.

Insider Activity

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $9.91, for a total value of $29,221,844.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael Duginski acquired 4,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average price of $10.38 per share, with a total value of $41,520.00. Following the transaction, the director now owns 233,607 shares of the company's stock, valued at approximately $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 have acquired 24,932 shares of company stock worth $263,219 over the last ninety days. Corporate insiders own 13.20% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CRGY shares. Raymond James reissued 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. KeyCorp lowered their target price on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Monday. Mizuho boosted their price target on Crescent Energy from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Tuesday, January 14th. 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, Stephens restated an "overweight" rating and set a $17.00 target price on shares of Crescent Energy in a research report on Monday, March 3rd. One investment 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 company's stock. According to MarketBeat.com, Crescent Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.80.

Crescent Energy Company 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.