Crescent Energy (NYSE:CRGY) Shares Up 4.4% - Here's Why

Crescent Energy (NYSE:CRGY - Get Free Report)'s stock price shot up 4.4% during mid-day trading on Wednesday . The company traded as high as $8.16 and last traded at $8.11. 2,097,477 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 3,175,013 shares. The stock had previously closed at $7.76.

Analyst Ratings Changes

CRGY has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut their price target on Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Stephens restated an "overweight" rating and issued a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. KeyCorp cut their price target on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Monday. Williams Trading set a $16.00 target price on Crescent Energy in a research report on Wednesday, March 5th. Finally, Citigroup downgraded shares of Crescent Energy to a "reduce" rating in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Crescent Energy has an average rating of "Moderate Buy" and a consensus price target of $16.80.

Crescent Energy Price Performance

The firm's 50-day moving average is $11.07 and its 200-day moving average is $13.17. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $2.10 billion, a PE ratio of 13.10 and a beta of 1.88.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were issued 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 5.91%. Crescent Energy's payout ratio is -69.57%.

Insider Buying and Selling at Crescent Energy

In other Crescent Energy news, Director Michael Duginski bought 4,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average price of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the acquisition, the director now directly owns 233,607 shares in the company, valued at $2,424,840.66. The trade was a 1.74 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. Insiders acquired a total of 24,932 shares of company stock worth $263,219 over the last three months. Company insiders own 13.20% of the company's stock.

Hedge Funds Weigh In On Crescent Energy

Several large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue increased its holdings in Crescent Energy by 2.1% in the 1st quarter. State of Alaska Department of Revenue now owns 101,342 shares of the company's stock worth $1,139,000 after buying an additional 2,082 shares in the last quarter. Yousif Capital Management LLC raised its stake in Crescent Energy by 2.1% during the 1st quarter. Yousif Capital Management LLC now owns 66,806 shares of the company's stock worth $751,000 after acquiring an additional 1,382 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Crescent Energy by 22.7% during the first quarter. Harbor Capital Advisors Inc. now owns 46,427 shares of the company's stock valued at $522,000 after acquiring an additional 8,596 shares during the period. Rhumbline Advisers boosted its stake in Crescent Energy by 3.0% in the 1st quarter. Rhumbline Advisers now owns 500,087 shares of the company's stock worth $5,621,000 after purchasing an additional 14,612 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Crescent Energy by 458.8% during the first quarter. GAMMA Investing LLC now owns 27,819 shares of the company's stock valued at $313,000 after purchasing an additional 22,841 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company's stock.

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.