Federated Hermes Inc. Purchases New Holdings in Crescent Energy (NYSE:CRGY)

Federated Hermes Inc. purchased a new position in shares of Crescent Energy (NYSE:CRGY - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 298,446 shares of the company's stock, valued at approximately $4,360,000. Federated Hermes Inc. owned about 0.13% of Crescent Energy as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Pacer Advisors Inc. purchased a new stake in shares of Crescent Energy during the fourth quarter valued at about $170,905,000. Vanguard Group Inc. increased its position in shares of Crescent Energy by 26.4% during the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company's stock worth $303,150,000 after purchasing an additional 4,332,831 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Crescent Energy by 234.4% during the 4th quarter. Jennison Associates LLC now owns 4,785,326 shares of the company's stock valued at $69,914,000 after purchasing an additional 3,354,362 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Crescent Energy by 55.5% during the 4th quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company's stock worth $135,316,000 after buying an additional 3,305,833 shares during the last quarter. Finally, State Street Corp grew its stake in Crescent Energy by 78.6% during the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company's stock worth $74,285,000 after buying an additional 2,986,468 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Truist Financial boosted their price target on Crescent Energy from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Raymond James reaffirmed a "strong-buy" rating and issued a $18.00 price target (down previously from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Siebert Williams Shank initiated coverage on Crescent Energy in a research report on Monday, February 3rd. They issued a "buy" rating on the stock. Stephens reaffirmed an "overweight" rating and set a $17.00 price target on shares of Crescent Energy in a research report on Monday, March 3rd. Finally, Citigroup downgraded Crescent Energy to a "reduce" rating in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

Crescent Energy Stock Up 2.8 %

Shares of NYSE:CRGY traded up $0.23 during trading on Friday, hitting $8.36. 3,660,911 shares of the company were exchanged, compared to its average volume of 3,204,189. The firm's 50 day moving average price is $11.20 and its 200-day moving average price is $13.18. 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 12-month low of $6.83 and a 12-month high of $16.94. The stock has a market capitalization of $2.16 billion, a P/E ratio of 13.48 and a beta of 1.88.

Crescent Energy Announces Dividend

The company 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 5.74%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy's dividend payout ratio (DPR) is presently -69.57%.

Insiders Place Their Bets

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 document filed with the SEC, which is available at this link. Also, Director Michael Duginski acquired 20,000 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the purchase, the director now owns 259,607 shares of the company's stock, valued at $2,744,045.99. This trade represents a 8.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 24,932 shares of company stock worth $263,219. Company insiders own 13.20% 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.