AlphaQuest LLC Decreases Holdings in Crescent Energy (NYSE:CRGY)

AlphaQuest LLC trimmed its holdings in shares of Crescent Energy (NYSE:CRGY) by 26.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 12,666 shares of the company’s stock after selling 4,565 shares during the quarter. AlphaQuest LLC’s holdings in Crescent Energy were worth $185,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Jones Financial Companies Lllp raised its position in shares of Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after buying an additional 2,377 shares in the last quarter. Amalgamated Bank raised its position in shares of Crescent Energy by 86.4% during the 3rd quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after buying an additional 2,272 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Crescent Energy by 48.3% during the 4th 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 in the last quarter. Toth Financial Advisory Corp purchased a new stake in Crescent Energy in the 4th quarter worth about $131,000. Finally, PNC Financial Services Group Inc. raised its position in Crescent Energy by 619.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company’s stock worth $152,000 after purchasing an additional 8,942 shares during the period. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRGY has been the topic of a number of recent analyst reports. Siebert Williams Shank initiated coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They issued a “buy” rating on the stock. Stephens reissued an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a research report on Monday, March 3rd. JPMorgan Chase & Co. reduced their price objective on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday. Truist Financial increased their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Mizuho increased their price objective 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Insider Activity

In other news, Director Michael Duginski bought 20,000 shares of the stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the purchase, the director now directly owns 259,607 shares in the company, valued at approximately $2,744,045.99. The trade was a 8.35 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders own 13.20% of the company’s stock.

Crescent Energy Price Performance

NYSE CRGY opened at $10.87 on Monday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s 50 day moving average price is $14.38 and its 200-day moving average price is $13.49. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94. The company has a market cap of $2.81 billion, a PE ratio of 17.52 and a beta of 2.18.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.42%. Crescent Energy’s dividend payout ratio is presently -69.57%.

Crescent Energy 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.