KLP Kapitalforvaltning AS Purchases New Position in Crescent Energy (NYSE:CRGY)

KLP Kapitalforvaltning AS bought a new position in shares of Crescent Energy (NYSE:CRGY - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 35,460 shares of the company's stock, valued at approximately $518,000.

A number of other institutional investors have also recently modified their holdings of the business. Jones Financial Companies Lllp increased its holdings in Crescent Energy by 206.7% in the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock worth $52,000 after acquiring an additional 2,377 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Crescent Energy by 48.3% during the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock valued at $73,000 after purchasing an additional 1,621 shares in the last quarter. Toth Financial Advisory Corp acquired a new stake in shares of Crescent Energy in the fourth quarter valued at about $131,000. PNC Financial Services Group Inc. increased its stake in shares of Crescent Energy by 619.7% during the fourth 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, Zacks Investment Management acquired a new position in shares of Crescent Energy during the 3rd quarter worth about $121,000. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Crescent Energy Stock Down 7.8 %

NYSE CRGY traded down $0.62 during trading hours on Tuesday, hitting $7.27. 5,185,413 shares of the company were exchanged, compared to its average volume of 3,105,627. 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 firm has a market cap of $1.88 billion, a price-to-earnings ratio of 11.72 and a beta of 1.88. The company has a 50 day moving average of $12.32 and a two-hundred day moving average of $13.39. Crescent Energy has a 52-week low of $7.13 and a 52-week high of $16.94.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $0.48 annualized dividend and a yield of 6.61%. Crescent Energy's dividend payout ratio (DPR) is -69.57%.

Insider Buying and Selling

In other Crescent Energy news, Director Michael Duginski acquired 20,000 shares of the company's stock in a transaction dated 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 acquisition, the director now owns 259,607 shares in the company, valued at $2,744,045.99. The trade was a 8.35 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 stock was 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 bought 24,932 shares of company stock worth $263,219 over the last 90 days. 13.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRGY. JPMorgan Chase & Co. lowered their price objective on Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Williams Trading set a $16.00 price target on Crescent Energy in a research note on Wednesday, March 5th. Raymond James reissued a "strong-buy" rating and issued a $18.00 price objective (down from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Mizuho raised their price objective on Crescent Energy from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Tuesday, January 14th. Finally, Siebert Williams Shank assumed coverage on shares of Crescent Energy in a report on Monday, February 3rd. They set a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.09.

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.