Geode Capital Management LLC Purchases 464,065 Shares of Crescent Energy (NYSE:CRGY)

Geode Capital Management LLC boosted its holdings in Crescent Energy (NYSE:CRGY - Free Report) by 13.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,818,765 shares of the company's stock after purchasing an additional 464,065 shares during the period. Geode Capital Management LLC owned about 1.67% of Crescent Energy worth $55,806,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CRGY. Pacer Advisors Inc. bought a new position in Crescent Energy during the fourth quarter valued at about $170,905,000. Vanguard Group Inc. increased its stake in shares of Crescent Energy by 26.4% during the 4th 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 during the last quarter. Jennison Associates LLC lifted its stake in Crescent Energy by 234.4% in the fourth 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 holdings in Crescent Energy by 55.5% during the fourth quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company's stock valued at $135,316,000 after purchasing an additional 3,305,833 shares during the period. Finally, State Street Corp increased its position in Crescent Energy by 78.6% in the third 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. Institutional investors own 52.11% of the company's stock.

Crescent Energy Price Performance

NYSE:CRGY traded up $0.23 during midday trading on Friday, hitting $8.36. The company had a trading volume of 3,660,911 shares, compared to its average volume of 3,213,564. The stock's fifty day moving average price is $11.07 and its 200-day moving average price is $13.16. Crescent Energy has a 52-week low of $6.83 and a 52-week high of $16.94. 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 $2.16 billion, a PE 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. Investors 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 yield of 5.74%. Crescent Energy's payout ratio is -69.57%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRGY. 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. Williams Trading set a $16.00 price objective on Crescent Energy in a report on Wednesday, March 5th. Raymond James restated a "strong-buy" rating and issued a $18.00 target price (down previously from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Stephens reiterated an "overweight" rating and set a $17.00 price target on shares of Crescent Energy in a research report on Monday, March 3rd. Finally, Mizuho increased their price target on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $17.00.

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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael Duginski bought 4,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $10.38 per share, with a total value of $41,520.00. Following the purchase, the director now owns 233,607 shares in the company, valued at $2,424,840.66. The trade was a 1.74 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 24,932 shares of company stock valued at $263,219 over the last quarter. 13.20% of the stock is owned by corporate insiders.

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.