Crescent Energy (NYSE:CRGY) Reaches New 52-Week Low - Here's What Happened

Crescent Energy (NYSE:CRGY - Get Free Report) shares reached a new 52-week low on Wednesday . The stock traded as low as $7.13 and last traded at $7.27, with a volume of 5185413 shares changing hands. The stock had previously closed at $7.88.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Citigroup downgraded Crescent Energy to a "reduce" rating in a research note on Wednesday, March 5th. Mizuho increased their target price on Crescent Energy from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Tuesday, January 14th. Raymond James restated a "strong-buy" rating and set a $18.00 price objective (down previously from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Wells Fargo & Company lowered their target price on shares of Crescent Energy from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, March 24th. Finally, Williams Trading set a $16.00 price objective on Crescent Energy in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $17.00.

Crescent Energy Stock Up 1.4 %

The firm has a market capitalization of $2.02 billion, a PE ratio of 12.61 and a beta of 1.88. 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 50 day simple moving average of $11.75 and a 200 day simple moving average of $13.30.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were given a $0.12 dividend. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 6.14%. Crescent Energy's dividend payout ratio is currently -69.57%.

Insider Transactions at Crescent Energy

In related news, Director Michael Duginski acquired 20,000 shares of the business's stock in a transaction on Thursday, March 13th. The stock was acquired 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 in the company, valued at $2,744,045.99. This represents a 8.35 % increase in their position. The transaction 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 firm's stock in a transaction dated Monday, March 10th. The shares were 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. Over the last 90 days, insiders have bought 24,932 shares of company stock worth $263,219. Corporate insiders own 13.20% of the company's stock.

Institutional Investors Weigh In On Crescent Energy

Hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio raised its position in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock valued at $40,000 after purchasing an additional 705 shares during the period. Jones Financial Companies Lllp increased its position 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 purchasing an additional 2,377 shares during the period. Quarry LP boosted its position in Crescent Energy by 263.4% during the fourth quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $64,000 after purchasing an additional 3,155 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Crescent Energy by 48.3% during the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock worth $73,000 after acquiring an additional 1,621 shares in the last quarter. Finally, Toth Financial Advisory Corp acquired a new position in shares of Crescent Energy during the fourth quarter worth $131,000. Hedge funds and other institutional investors own 52.11% of the company's stock.

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.