Insider Selling: Crescent Energy (NYSE:CRGY) Major Shareholder Sells 2,948,723 Shares of Stock

Crescent Energy (NYSE:CRGY) major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Crescent Energy Stock Up 2.3 %

Shares of NYSE:CRGY traded up $0.24 during trading on Tuesday, hitting $10.54. 4,944,469 shares of the company were exchanged, compared to its average volume of 2,918,706. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 16.99 and a beta of 2.18. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The firm has a fifty day moving average price of $14.71 and a two-hundred day moving average price of $13.51. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $16.94.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 annualized dividend and a dividend yield of 4.56%. Crescent Energy’s dividend payout ratio is currently -69.57%.

Hedge Funds Weigh In On Crescent Energy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Crescent Energy by 26.4% in the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company’s stock valued at $303,150,000 after acquiring an additional 4,332,831 shares in the last quarter. American Century Companies Inc. grew its position in Crescent Energy by 12.7% during the fourth quarter. American Century Companies Inc. now owns 12,700,925 shares of the company’s stock worth $185,561,000 after buying an additional 1,436,084 shares in the last quarter. Pacer Advisors Inc. acquired a new position in Crescent Energy in the 4th quarter valued at $170,905,000. Bank of New York Mellon Corp lifted its position in shares of 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 valued at $135,316,000 after acquiring an additional 3,305,833 shares during the period. Finally, State Street Corp grew its holdings in shares of 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 purchasing an additional 2,986,468 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Analyst Upgrades and Downgrades

CRGY has been the topic of several recent research reports. Citigroup lowered shares of Crescent Energy to a “reduce” rating in a research note on Wednesday, March 5th. Raymond James increased their target price on Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Mizuho lifted their price objective 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. Stephens reaffirmed an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. Finally, Siebert Williams Shank began coverage on shares of Crescent Energy in a report on Monday, February 3rd. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.45.

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.