Royce & Associates LP Trims Holdings in Crescent Energy (NYSE:CRGY)

Royce & Associates LP decreased its position in shares of Crescent Energy (NYSE:CRGY) by 33.2% in the fourth quarter, HoldingsChannel reports. The firm owned 679,838 shares of the company’s stock after selling 338,018 shares during the quarter. Royce & Associates LP’s holdings in Crescent Energy were worth $9,932,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of CRGY. Pacer Advisors Inc. acquired a new stake in Crescent Energy during the 4th quarter valued at approximately $170,905,000. Jennison Associates LLC lifted its position in Crescent Energy by 234.4% during 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 period. Bank of New York Mellon Corp boosted its holdings in Crescent Energy by 55.5% in 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 last quarter. State Street Corp boosted its holdings in Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after purchasing an additional 2,986,468 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Crescent Energy during the 3rd quarter worth about $21,872,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Insider Buying and Selling

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction dated 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 at this hyperlink. Also, Director Michael Duginski bought 4,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was acquired at an average cost of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the purchase, the director now directly owns 233,607 shares in the company, valued at approximately $2,424,840.66. This represents a 1.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 13.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on CRGY shares. Williams Trading set a $16.00 target price on Crescent Energy in a research note on Wednesday, March 5th. Truist Financial upped their price objective on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Citigroup lowered shares of Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. Mizuho boosted their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Finally, Raymond James raised their price target on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.45.

Crescent Energy Trading Up 1.3 %

Shares of Crescent Energy stock opened at $11.06 on Tuesday. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $16.94. The firm’s 50-day moving average price is $14.29 and its 200 day moving average price is $13.48. 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 market capitalization of $2.86 billion, a PE ratio of 17.83 and a beta of 2.18.

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 paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date is Wednesday, March 12th. Crescent Energy’s dividend payout ratio is presently -69.57%.

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.