Sterling Capital Management LLC Boosts Stake in Crescent Energy (NYSE:CRGY)

Sterling Capital Management LLC lifted its holdings in Crescent Energy (NYSE:CRGY) by 9,853.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,319 shares of the company’s stock after buying an additional 37,934 shares during the period. Sterling Capital Management LLC’s holdings in Crescent Energy were worth $560,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Jones Financial Companies Lllp grew its stake in Crescent Energy by 206.7% in the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after purchasing an additional 2,377 shares during the period. GAMMA Investing LLC grew its position in Crescent Energy by 48.3% during the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock valued at $73,000 after buying an additional 1,621 shares during the period. Toth Financial Advisory Corp purchased a new stake in Crescent Energy during the fourth quarter worth about $131,000. PNC Financial Services Group Inc. raised its position in Crescent Energy by 619.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company’s stock worth $152,000 after acquiring an additional 8,942 shares during the period. Finally, Olympiad Research LP purchased a new position in Crescent Energy in the fourth quarter valued at about $174,000. 52.11% of the stock is owned by institutional investors.

Crescent Energy Stock Performance

NYSE CRGY opened at $8.36 on Friday. The company’s 50 day simple moving average is $11.20 and its two-hundred day simple moving average is $13.18. The stock has a market capitalization of $2.16 billion, a PE ratio of 13.48 and a beta of 1.88. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. Crescent Energy has a 1 year low of $6.83 and a 1 year high of $16.94.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.74%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s dividend payout ratio is -69.57%.

Insider Buying and Selling

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Michael Duginski bought 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $10.57 per share, with a total value of $211,400.00. Following the completion of the transaction, the director now directly owns 259,607 shares of the company’s stock, valued at $2,744,045.99. This represents a 8.35 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 24,932 shares of company stock worth $263,219 over the last ninety days. 13.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Williams Trading set a $16.00 price target on shares of Crescent Energy in a report on Wednesday, March 5th. Stephens reaffirmed an “overweight” rating and set a $17.00 price target on shares of Crescent Energy in a research report on Monday, March 3rd. Siebert Williams Shank started coverage on Crescent Energy in a report on Monday, February 3rd. They issued a “buy” rating for the company. Raymond James reaffirmed a “strong-buy” rating and set a $18.00 price objective (down from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Finally, Truist Financial lifted their target price on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

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.