Crescent Energy (NYSE:CRGY) Stake Boosted by Sei Investments Co.

Sei Investments Co. increased its stake in Crescent Energy (NYSE:CRGY) by 13.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,314,984 shares of the company’s stock after purchasing an additional 151,618 shares during the period. Sei Investments Co. owned 0.58% of Crescent Energy worth $19,212,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Pacer Advisors Inc. bought a new position in Crescent Energy in the 4th quarter worth about $170,905,000. Jennison Associates LLC grew its holdings in Crescent Energy by 234.4% during 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 period. Bank of New York Mellon Corp raised its position in Crescent Energy by 55.5% in the fourth quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock worth $135,316,000 after acquiring an additional 3,305,833 shares in the last quarter. State Street Corp lifted its holdings in Crescent Energy by 78.6% in the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after acquiring an additional 2,986,468 shares during the last quarter. Finally, Wellington Management Group LLP bought a new position in shares of Crescent Energy during the 3rd quarter valued at about $21,872,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Price Performance

NYSE CRGY opened at $11.25 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 18.14 and a beta of 2.18. The company has a 50 day simple moving average of $13.54 and a 200-day simple moving average of $13.46. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is currently -69.57%.

Insider Activity

In other news, Director Michael Duginski purchased 20,000 shares of Crescent Energy stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $10.57 per share, for a total transaction of $211,400.00. Following the acquisition, the director now directly owns 259,607 shares in the company, valued at $2,744,045.99. This represents a 8.35 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the 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 purchased a total of 24,932 shares of company stock worth $263,219 in the last ninety days. Corporate insiders own 13.20% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on CRGY shares. 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 objective on Crescent Energy in a research note on Wednesday, March 5th. Citigroup lowered Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. Mizuho increased their price target on Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Finally, Siebert Williams Shank started coverage on Crescent Energy in a research note on Monday, February 3rd. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.55.

About Crescent Energy

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.