Lazard Asset Management LLC Buys 4,650 Shares of Crescent Energy (NYSE:CRGY)

Lazard Asset Management LLC lifted its stake in shares of Crescent Energy (NYSE:CRGY) by 8.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,336 shares of the company’s stock after acquiring an additional 4,650 shares during the quarter. Lazard Asset Management LLC’s holdings in Crescent Energy were worth $850,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp raised its stake in Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock worth $52,000 after acquiring an additional 2,377 shares during the period. Quarry LP increased its stake in shares of Crescent Energy by 263.4% in the fourth quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $64,000 after purchasing an additional 3,155 shares in the last quarter. Toth Financial Advisory Corp purchased a new stake in shares of Crescent Energy in the fourth quarter worth $131,000. Paloma Partners Management Co bought a new stake in shares of Crescent Energy during the 4th quarter valued at $146,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Crescent Energy by 619.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company’s stock valued at $152,000 after buying an additional 8,942 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors.

Insider Transactions at Crescent Energy

In related news, Director Michael Duginski purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the transaction, the director now owns 259,607 shares in the company, valued at approximately $2,744,045.99. The trade was a 8.35% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $9.91, for a total value of $29,221,844.93. The disclosure for this sale can be found here. Insiders have acquired a total of 24,932 shares of company stock worth $263,219 in the last three months. Insiders own 13.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRGY. Wells Fargo & Company cut their price target on Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, March 24th. KeyCorp cut their target price on Crescent Energy from $18.00 to $14.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Stephens reissued an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. Williams Trading set a $16.00 price target on Crescent Energy in a research note on Wednesday, March 5th. Finally, Siebert Williams Shank began coverage on shares of Crescent Energy in a report on Monday, February 3rd. They set a “buy” rating for the company. 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 company’s stock. According to MarketBeat, Crescent Energy presently has an average rating of “Moderate Buy” and an average price target of $16.30.

Crescent Energy Stock Performance

NYSE:CRGY opened at $9.05 on Wednesday. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 14.60 and a beta of 1.86. Crescent Energy has a 1 year low of $6.83 and a 1 year high of $16.94. The stock’s 50 day simple moving average is $9.21 and its two-hundred day simple moving average is $12.56. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93.

Crescent Energy (NYSE:CRGY) last announced its quarterly 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 for the quarter, compared to analysts’ expectations of $937.55 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. As a group, equities analysts anticipate that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.30%. Crescent Energy’s dividend payout ratio (DPR) is presently -106.67%.

Crescent Energy Company 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.