Raymond James Financial Inc. Makes New Investment in Crescent Energy (NYSE:CRGY)

Raymond James Financial Inc. bought a new stake in shares of Crescent Energy (NYSE:CRGY - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 123,986 shares of the company's stock, valued at approximately $1,811,000. Raymond James Financial Inc. owned 0.05% of Crescent Energy at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its holdings in shares of Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock valued at $52,000 after purchasing an additional 2,377 shares in the last quarter. GAMMA Investing LLC grew its position 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 buying an additional 1,621 shares during the period. Toth Financial Advisory Corp purchased a new position in Crescent Energy in the fourth quarter valued at $131,000. Zacks Investment Management acquired a new position in shares of Crescent Energy in the third quarter worth about $121,000. Finally, Olympiad Research LP purchased a new stake in shares of Crescent Energy during the 4th quarter worth about $174,000. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Michael Duginski purchased 20,000 shares of the company's stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the transaction, the director now directly owns 259,607 shares in the company, valued at approximately $2,744,045.99. The trade was a 8.35 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company's stock in a transaction 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 purchased 24,932 shares of company stock valued at $263,219 in the last three months. 13.20% of the stock is currently owned by insiders.

Crescent Energy Price Performance

NYSE CRGY traded down $1.46 during trading hours on Friday, hitting $7.81. 8,282,596 shares of the company's stock traded hands, compared to its average volume of 3,077,362. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The firm's 50-day moving average is $12.81 and its 200-day moving average is $13.47. Crescent Energy has a 52-week low of $7.66 and a 52-week high of $16.94. The company has a market capitalization of $2.02 billion, a PE ratio of 12.59 and a beta of 1.88.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 6.15%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy's payout ratio is currently -69.57%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CRGY shares. 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. Stephens reaffirmed an "overweight" rating and set a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. Citigroup lowered shares of Crescent Energy to a "reduce" rating in a report on Wednesday, March 5th. Williams Trading set a $16.00 price objective on shares of Crescent Energy in a research report on Wednesday, March 5th. Finally, Siebert Williams Shank started coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They issued a "buy" rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Crescent Energy presently has an average rating of "Moderate Buy" and a consensus target price of $17.09.

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.