LPL Financial LLC Grows Stake in Crescent Energy (NYSE:CRGY)

LPL Financial LLC boosted its holdings in Crescent Energy (NYSE:CRGY - Free Report) by 359.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 90,218 shares of the company's stock after purchasing an additional 70,568 shares during the quarter. LPL Financial LLC's holdings in Crescent Energy were worth $1,318,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. 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 worth $52,000 after purchasing an additional 2,377 shares in the last quarter. GAMMA Investing LLC increased its position in 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 purchasing an additional 1,621 shares in the last quarter. Toth Financial Advisory Corp acquired a new position in Crescent Energy during the 4th quarter worth approximately $131,000. PNC Financial Services Group Inc. increased its position in Crescent Energy by 619.7% during the 4th 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 in the last quarter. Finally, Olympiad Research LP acquired a new position in Crescent Energy during the 4th quarter worth approximately $174,000. Institutional investors and hedge funds own 52.11% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CRGY shares. Stephens reiterated an "overweight" rating and set a $17.00 price objective on shares of Crescent Energy in a research report on Monday, March 3rd. JPMorgan Chase & Co. reduced their target price on shares of Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Raymond James reissued a "strong-buy" rating and set a $18.00 target price (down from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Wells Fargo & Company reduced their price objective on shares of Crescent Energy from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. Finally, Mizuho upped their price objective on shares of Crescent Energy from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Tuesday, January 14th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $16.80.

Insider Transactions at Crescent Energy

In other news, Director Michael Duginski bought 20,000 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the transaction, the director now directly 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business's stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders purchased 24,932 shares of company stock valued at $263,219 over the last three months. Company insiders own 13.20% of the company's stock.

Crescent Energy Stock Performance

NYSE CRGY traded up $0.03 on Wednesday, hitting $8.33. 600,539 shares of the stock traded hands, compared to its average volume of 3,220,849. Crescent Energy has a 12 month low of $6.83 and a 12 month high of $16.94. The business's fifty day moving average is $10.82 and its two-hundred day moving average is $13.11. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 13.44 and a beta of 1.88.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.76%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy's payout ratio is currently -69.57%.

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.