Bank of New York Mellon Corp Boosts Stock Holdings in Crescent Energy (NYSE:CRGY)

Bank of New York Mellon Corp grew its position in shares of Crescent Energy (NYSE:CRGY) by 55.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,261,876 shares of the company’s stock after acquiring an additional 3,305,833 shares during the period. Bank of New York Mellon Corp owned about 4.06% of Crescent Energy worth $135,316,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Farther Finance Advisors LLC raised its stake in shares of Crescent Energy by 15,675.0% during the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock valued at $35,000 after acquiring an additional 3,135 shares during the last quarter. Amalgamated Bank raised its stake in Crescent Energy by 86.4% in the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock worth $54,000 after buying an additional 2,272 shares in the last quarter. GAMMA Investing LLC raised its stake in Crescent Energy by 48.3% in the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after buying an additional 1,621 shares in the last quarter. Zacks Investment Management bought a new position in Crescent Energy in the third quarter worth about $121,000. Finally, Toth Financial Advisory Corp bought a new position in Crescent Energy in the fourth quarter worth about $131,000. 52.11% of the stock is owned by institutional investors.

Crescent Energy Trading Down 1.3 %

NYSE:CRGY opened at $12.62 on Friday. The company’s 50 day moving average price is $15.06 and its 200-day moving average price is $13.49. Crescent Energy has a 52 week low of $9.88 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 stock has a market cap of $2.88 billion, a price-to-earnings ratio of 20.35 and a beta of 2.16.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Wednesday, March 12th. Crescent Energy’s payout ratio is 77.42%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. 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 research note on Tuesday, January 14th. Siebert Williams Shank started coverage on shares of Crescent Energy in a research note on Monday, February 3rd. They issued a “buy” rating for the company. Raymond James raised their target price on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Finally, Truist Financial raised their target price on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $17.50.

Crescent Energy 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.