Proficio Capital Partners LLC Invests $244,000 in Crescent Energy (NYSE:CRGY)

Proficio Capital Partners LLC bought a new position in Crescent Energy (NYSE:CRGY) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 16,714 shares of the company’s stock, valued at approximately $244,000.

Several other institutional investors and hedge funds also recently modified their holdings of CRGY. Pacer Advisors Inc. purchased a new position in Crescent Energy in the fourth quarter valued at about $170,905,000. Bank of New York Mellon Corp boosted its holdings 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 valued at $135,316,000 after purchasing an additional 3,305,833 shares during the last quarter. State Street Corp boosted its holdings in Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after purchasing an additional 2,986,468 shares during the last quarter. Jennison Associates LLC boosted its holdings in Crescent Energy by 234.4% in the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company’s stock valued at $69,914,000 after purchasing an additional 3,354,362 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Crescent Energy by 0.9% in the third quarter. The Manufacturers Life Insurance Company now owns 3,698,678 shares of the company’s stock valued at $40,501,000 after purchasing an additional 33,626 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Insider Activity at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the firm’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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 13.20% of the stock is owned by insiders.

Crescent Energy Stock Up 2.3 %

Shares of Crescent Energy stock opened at $10.54 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The business’s 50 day simple moving average is $14.63 and its 200-day simple moving average is $13.51. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 16.99 and a beta of 2.18. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $16.94.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date is Wednesday, March 12th. Crescent Energy’s payout ratio is -69.57%.

Analysts Set New Price Targets

A number of brokerages recently commented on CRGY. Citigroup downgraded Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. Mizuho increased their target price on Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Williams Trading set a $16.00 target price on Crescent Energy in a report on Wednesday, March 5th. Stephens reaffirmed an “overweight” rating and set a $17.00 target price on shares of Crescent Energy in a report on Monday, March 3rd. Finally, Siebert Williams Shank assumed coverage on Crescent Energy in a report on Monday, February 3rd. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Crescent Energy has a consensus rating of “Moderate Buy” and a consensus price target 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.