The Manufacturers Life Insurance Company Sells 3,618,547 Shares of Crescent Energy (NYSE:CRGY)

The Manufacturers Life Insurance Company lessened its position in shares of Crescent Energy (NYSE:CRGY) by 97.8% during the 4th quarter, HoldingsChannel reports. The fund owned 80,131 shares of the company’s stock after selling 3,618,547 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Crescent Energy were worth $1,171,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Barclays PLC raised its holdings in Crescent Energy by 579.6% during the 3rd quarter. Barclays PLC now owns 241,137 shares of the company’s stock worth $2,641,000 after purchasing an additional 205,657 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Crescent Energy by 2.4% during the fourth quarter. Harbor Capital Advisors Inc. now owns 37,831 shares of the company’s stock worth $553,000 after buying an additional 897 shares during the last quarter. Toth Financial Advisory Corp acquired a new position in Crescent Energy in the fourth quarter valued at approximately $131,000. Pacer Advisors Inc. bought a new position in Crescent Energy in the fourth quarter valued at approximately $170,905,000. Finally, DAVENPORT & Co LLC grew its holdings in Crescent Energy by 9.9% during the 4th quarter. DAVENPORT & Co LLC now owns 89,000 shares of the company’s stock worth $1,300,000 after acquiring an additional 8,000 shares during the period. Institutional investors own 52.11% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Citigroup downgraded Crescent Energy to a “reduce” rating in a research note on Wednesday, March 5th. KeyCorp reduced their target price on Crescent Energy from $18.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Raymond James reaffirmed a “strong-buy” rating and issued a $18.00 price target (down from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Mizuho reduced their price objective on shares of Crescent Energy from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Siebert Williams Shank initiated coverage on shares of Crescent Energy in a research note on Monday, February 3rd. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.30.

Crescent Energy Stock Performance

Shares of CRGY stock opened at $9.52 on Wednesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. Crescent Energy has a 52 week low of $6.83 and a 52 week high of $16.94. The company’s 50 day moving average price is $9.35 and its two-hundred day moving average price is $12.67. The company has a market capitalization of $2.43 billion, a P/E ratio of 15.35 and a beta of 1.86.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.09. The company had revenue of $950.17 million during the quarter, compared to the consensus estimate of $937.55 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. On average, analysts expect that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date is Monday, May 19th. Crescent Energy’s dividend payout ratio (DPR) is presently -106.67%.

Insider Buying and Selling at Crescent Energy

In other Crescent Energy news, Director Michael Duginski acquired 4,000 shares of the stock in a transaction dated Tuesday, March 11th. The shares were bought at an average cost of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the acquisition, the director now directly owns 233,607 shares of the company’s stock, valued at approximately $2,424,840.66. This trade represents a 1.74% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’s stock in a transaction on Monday, March 10th. The stock was 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 have bought 24,932 shares of company stock valued at $263,219 in the last 90 days. 13.20% of the stock is currently owned by company insiders.

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.