Northern Trust Corp Grows Stake in Crescent Energy (NYSE:CRGY)

Northern Trust Corp boosted its position in shares of Crescent Energy (NYSE:CRGY) by 42.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,791,477 shares of the company’s stock after purchasing an additional 530,962 shares during the quarter. Northern Trust Corp owned about 0.78% of Crescent Energy worth $26,173,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Quarry LP increased its holdings in shares of Crescent Energy by 263.4% in the 4th quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $64,000 after acquiring an additional 3,155 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Crescent Energy in the 4th quarter valued at $3,558,000. Voya Investment Management LLC increased its holdings in shares of Crescent Energy by 67.8% in the 4th quarter. Voya Investment Management LLC now owns 115,600 shares of the company’s stock valued at $1,689,000 after acquiring an additional 46,695 shares during the period. Adage Capital Partners GP L.L.C. increased its holdings in shares of Crescent Energy by 6,700.0% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,700,000 shares of the company’s stock valued at $24,837,000 after acquiring an additional 1,675,000 shares during the period. Finally, Syon Capital LLC purchased a new position in shares of Crescent Energy in the 4th quarter valued at $172,000. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total value of $29,221,844.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael Duginski acquired 4,000 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $10.38 per share, with a total value of $41,520.00. Following the completion of the purchase, the director now owns 233,607 shares in the company, valued at $2,424,840.66. This represents a 1.74% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 24,932 shares of company stock valued at $263,219 in the last quarter. 13.20% of the stock is currently owned by company insiders.

Crescent Energy Stock Performance

Shares of CRGY opened at $8.58 on Monday. The stock has a 50-day moving average of $9.42 and a two-hundred day moving average of $12.71. Crescent Energy has a one year low of $6.83 and a one year high of $16.94. 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 stock has a market cap of $2.19 billion, a P/E ratio of 13.84 and a beta of 1.86.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.09. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $950.17 million during the quarter, compared to analysts’ expectations of $937.55 million. As a group, research analysts predict that Crescent Energy will post 0.77 EPS for the current year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $0.48 dividend on an annualized basis and a yield of 5.59%. Crescent Energy’s dividend payout ratio is currently -106.67%.

Wall Street Analysts Forecast Growth

CRGY has been the topic of several research analyst reports. Williams Trading set a $16.00 target price on Crescent Energy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Mizuho boosted their target price on Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Truist Financial boosted their target price on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Stephens restated an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.80.

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.