Crescent Energy (NYSE:CRGY) Shares Down 11.9% – Time to Sell?

Shares of Crescent Energy (NYSE:CRGY) dropped 11.9% during trading on Thursday . The stock traded as low as $7.48 and last traded at $7.55. 546,377 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 3,127,688 shares. The stock had previously closed at $8.57.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CRGY. Raymond James restated a “strong-buy” rating and set a $18.00 price objective (down previously from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. Wells Fargo & Company reduced their price objective on Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, March 24th. JPMorgan Chase & Co. lowered their target price on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Mizuho boosted their price target on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Finally, Truist Financial increased their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Crescent Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Crescent Energy Stock Up 3.8 %

The business has a 50 day moving average price of $11.75 and a 200 day moving average price of $13.28. 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 $1.99 billion, a PE ratio of 12.44 and a beta of 1.88.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 6.22%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is -69.57%.

Insider Buying and Selling

In other news, Director Michael Duginski acquired 20,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average cost 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 approximately $2,744,045.99. This represents a 8.35 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last three months, insiders have bought 24,932 shares of company stock valued at $263,219. Corporate insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio grew its holdings in Crescent Energy by 35.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock valued at $40,000 after buying an additional 705 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Crescent Energy by 4.3% in the fourth quarter. Hsbc Holdings PLC now owns 18,902 shares of the company’s stock valued at $276,000 after purchasing an additional 785 shares during the period. Harbor Capital Advisors Inc. increased its position in Crescent Energy by 2.4% during the fourth quarter. Harbor Capital Advisors Inc. now owns 37,831 shares of the company’s stock worth $553,000 after purchasing an additional 897 shares during the last quarter. Dark Forest Capital Management LP raised its stake in Crescent Energy by 4.0% during the fourth quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company’s stock worth $487,000 after purchasing an additional 1,282 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Crescent Energy by 48.3% in the 4th 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 during the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

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.