Raymond James Financial Services Advisors Inc. Makes New Investment in Crescent Energy (NYSE:CRGY)

Raymond James Financial Services Advisors Inc. acquired a new position in shares of Crescent Energy (NYSE:CRGY) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,504 shares of the company’s stock, valued at approximately $139,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Crescent Energy by 94.1% during the 3rd quarter. Vanguard Group Inc. now owns 7,641,227 shares of the company’s stock worth $96,585,000 after purchasing an additional 3,705,389 shares during the last quarter. Jump Financial LLC raised its position in shares of Crescent Energy by 1,063.1% in the 3rd quarter. Jump Financial LLC now owns 139,104 shares of the company’s stock valued at $1,758,000 after acquiring an additional 127,144 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Crescent Energy in the 3rd quarter valued at approximately $6,320,000. Graham Capital Management L.P. raised its position in shares of Crescent Energy by 53.2% in the 3rd quarter. Graham Capital Management L.P. now owns 77,735 shares of the company’s stock valued at $983,000 after acquiring an additional 27,010 shares during the period. Finally, Barclays PLC raised its position in shares of Crescent Energy by 72.3% in the 3rd quarter. Barclays PLC now owns 37,727 shares of the company’s stock valued at $477,000 after acquiring an additional 15,827 shares during the period. 52.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Tudor, Pickering, Holt & Co. assumed coverage on shares of Crescent Energy in a research report on Wednesday, April 10th. They issued a “buy” rating and a $18.00 price target on the stock. TheStreet upgraded shares of Crescent Energy from a “d” rating to a “c-” rating in a research report on Wednesday, February 14th. Wells Fargo & Company increased their price target on shares of Crescent Energy from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday. Raymond James lowered their target price on Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 24th. Finally, Stephens reissued an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a research note on Tuesday, March 5th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Crescent Energy presently has an average rating of “Buy” and a consensus price target of $16.38.

Crescent Energy Price Performance

Shares of CRGY opened at $10.74 on Friday. The stock has a market capitalization of $1.93 billion, a P/E ratio of 8.33 and a beta of 2.24. Crescent Energy has a twelve month low of $9.17 and a twelve month high of $14.22. The company has a 50 day moving average of $11.29 and a 200-day moving average of $11.55. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.98.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings results on Monday, March 4th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.37. The company had revenue of $657.73 million during the quarter, compared to analysts’ expectations of $584.12 million. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. As a group, equities research analysts forecast that Crescent Energy will post 0.99 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.47%. The ex-dividend date was Thursday, March 14th. Crescent Energy’s payout ratio is presently 37.21%.

Insider Activity

In other news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $9.87, for a total value of $136,206,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.20% of the stock is currently owned by insiders.

About Crescent Energy

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven regions, including Eagle Ford and Uinta basins. The company is based in Houston, Texas.