Johnson Investment Counsel Inc. Buys New Position in Crescent Energy (NYSE:CRGY)

Johnson Investment Counsel Inc. purchased a new position in Crescent Energy (NYSE:CRGY) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 13,222 shares of the company’s stock, valued at approximately $193,000.

Several other large investors also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after purchasing an additional 2,986,468 shares in the last quarter. Empowered Funds LLC boosted its position in Crescent Energy by 11.4% in the 3rd quarter. Empowered Funds LLC now owns 925,301 shares of the company’s stock valued at $10,132,000 after buying an additional 94,948 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Crescent Energy by 53.2% during the third quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after acquiring an additional 1,164,306 shares in the last quarter. Amalgamated Bank grew its stake in shares of Crescent Energy by 919.0% during the fourth quarter. Amalgamated Bank now owns 49,961 shares of the company’s stock valued at $730,000 after acquiring an additional 45,058 shares in the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of Crescent Energy during the fourth quarter worth about $1,233,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Insiders Place Their Bets

In other news, 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 transaction of $29,221,844.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael Duginski acquired 20,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average price of $10.57 per share, with a total value of $211,400.00. Following the completion of the purchase, the director now owns 259,607 shares in the company, valued at $2,744,045.99. The trade was a 8.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 13.20% of the stock is currently owned by corporate insiders.

Crescent Energy Stock Up 3.6 %

Shares of NYSE:CRGY opened at $10.87 on Friday. The company’s fifty day moving average is $14.38 and its two-hundred day moving average is $13.46. 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 1-year low of $9.88 and a 1-year high of $16.94. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 17.52 and a beta of 2.18.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 annualized dividend and a yield of 4.42%. Crescent Energy’s dividend payout ratio (DPR) is -69.57%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CRGY. JPMorgan Chase & Co. reduced their price target on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday. Stephens reiterated an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. Mizuho raised their price target on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Williams Trading set a $16.00 price target on shares of Crescent Energy in a report on Wednesday, March 5th. Finally, Raymond James increased their price objective on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.45.

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.