Ameriprise Financial Inc. Increases Stock Position in Crescent Energy (NYSE:CRGY)

Ameriprise Financial Inc. lifted its stake in shares of Crescent Energy (NYSE:CRGY) by 39.7% during the fourth quarter, Holdings Channel reports. The fund owned 780,049 shares of the company’s stock after purchasing an additional 221,503 shares during the quarter. Ameriprise Financial Inc.’s holdings in Crescent Energy were worth $11,397,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC lifted its position in Crescent Energy by 579.6% during the third quarter. Barclays PLC now owns 241,137 shares of the company’s stock worth $2,641,000 after buying an additional 205,657 shares during the period. Toth Financial Advisory Corp acquired a new position in shares of Crescent Energy during the 4th quarter valued at about $131,000. Pacer Advisors Inc. acquired a new position in shares of Crescent Energy during the 4th quarter valued at about $170,905,000. DAVENPORT & Co LLC lifted its holdings in shares of 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. Finally, Jennison Associates LLC boosted its position in shares of Crescent Energy by 234.4% in the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock worth $69,914,000 after acquiring an additional 3,354,362 shares during the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CRGY shares. Stephens restated an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a report on Monday, March 3rd. Wells Fargo & Company lowered their price objective on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, March 24th. Citigroup downgraded Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. Williams Trading set a $16.00 target price on Crescent Energy in a report on Wednesday, March 5th. Finally, Mizuho lowered their price target on Crescent Energy from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.30.

Crescent Energy Stock Down 0.5%

Shares of NYSE CRGY opened at $9.14 on Monday. The stock has a fifty day moving average price of $9.28 and a 200 day moving average price of $12.60. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. Crescent Energy has a 12-month low of $6.83 and a 12-month high of $16.94. The company has a market cap of $2.33 billion, a P/E ratio of 14.75 and a beta of 1.86.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, May 5th. The company reported $0.56 earnings per share 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 return on equity of 12.53% and a net margin of 2.17%. Research analysts anticipate that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 5.25%. The ex-dividend date is Monday, May 19th. Crescent Energy’s dividend payout ratio (DPR) is -106.67%.

Insider Activity

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael Duginski purchased 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the purchase, the director now owns 259,607 shares of the company’s stock, valued at approximately $2,744,045.99. This represents a 8.35% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 24,932 shares of company stock worth $263,219 over the last 90 days. Company insiders own 13.20% of the company’s stock.

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.