Xponance Inc. Takes Position in Crescent Energy (NYSE:CRGY)

Xponance Inc. purchased a new position in shares of Crescent Energy (NYSE:CRGY) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 21,064 shares of the company’s stock, valued at approximately $308,000.

Other hedge funds have also recently modified their holdings of the company. Intech Investment Management LLC lifted its stake in shares of Crescent Energy by 71.0% in the 4th quarter. Intech Investment Management LLC now owns 54,719 shares of the company’s stock worth $799,000 after acquiring an additional 22,718 shares during the period. Thrivent Financial for Lutherans purchased a new stake in Crescent Energy in the 4th quarter valued at approximately $2,981,000. Cibc World Markets Corp acquired a new position in Crescent Energy during the 4th quarter worth approximately $222,000. Natixis Advisors LLC purchased a new position in shares of Crescent Energy during the 4th quarter worth approximately $212,000. Finally, Picton Mahoney Asset Management lifted its holdings in shares of Crescent Energy by 13,645.4% in the 4th quarter. Picton Mahoney Asset Management now owns 14,845 shares of the company’s stock valued at $217,000 after buying an additional 14,737 shares during the period. 52.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRGY. Truist Financial raised their target price on Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 13th. Raymond James raised their price objective 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. Citigroup lowered shares of Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. Williams Trading set a $16.00 price target on shares of Crescent Energy in a research report on Wednesday, March 5th. Finally, Siebert Williams Shank began coverage on Crescent Energy in a 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 given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $17.55.

Insider Buying and Selling at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael Duginski bought 4,000 shares of Crescent Energy stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average price of $10.38 per share, for a total transaction of $41,520.00. Following the acquisition, the director now directly owns 233,607 shares of the company’s stock, valued at $2,424,840.66. The trade was a 1.74 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 24,932 shares of company stock worth $263,219 in the last 90 days. 13.20% of the stock is owned by company insiders.

Crescent Energy Trading Down 2.0 %

Shares of Crescent Energy stock opened at $11.25 on Friday. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $16.94. The business’s fifty day moving average is $13.54 and its two-hundred day moving average is $13.46. 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 firm has a market cap of $2.91 billion, a PE ratio of 18.14 and a beta of 2.18.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date was Wednesday, March 12th. Crescent Energy’s payout ratio is -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.