Raymond James Financial Inc. Makes New Investment in Crescent Energy (NYSE:CRGY)

Raymond James Financial Inc. acquired a new position in Crescent Energy (NYSE:CRGY) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 123,986 shares of the company’s stock, valued at approximately $1,811,000. Raymond James Financial Inc. owned approximately 0.05% of Crescent Energy at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRGY. Harbor Capital Advisors Inc. grew its stake in Crescent Energy by 2.4% during the fourth quarter. Harbor Capital Advisors Inc. now owns 37,831 shares of the company’s stock worth $553,000 after purchasing an additional 897 shares during the period. GAMMA Investing LLC grew its position in shares of Crescent Energy by 48.3% during the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after buying an additional 1,621 shares during the period. Jones Financial Companies Lllp grew its position in shares of 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 buying an additional 2,377 shares during the period. Heritage Wealth Management Inc. increased its stake in shares of Crescent Energy by 2.6% in the 4th quarter. Heritage Wealth Management Inc. now owns 111,475 shares of the company’s stock valued at $1,629,000 after acquiring an additional 2,775 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in shares of Crescent Energy by 7.4% during the 4th quarter. Arizona State Retirement System now owns 45,051 shares of the company’s stock valued at $658,000 after acquiring an additional 3,100 shares during the period. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Trading Up 0.9 %

NYSE CRGY opened at $11.24 on Tuesday. 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 firm has a market capitalization of $2.90 billion, a P/E ratio of 18.13 and a beta of 2.18. The business has a fifty day simple moving average of $13.32 and a 200 day simple moving average of $13.52. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $16.94.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were given 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 was Wednesday, March 12th. Crescent Energy’s payout ratio is currently -69.57%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Stephens restated an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Monday, March 3rd. Williams Trading set a $16.00 target price on Crescent Energy in a research report on Wednesday, March 5th. Siebert Williams Shank assumed coverage on Crescent Energy in a research note on Monday, February 3rd. They set a “buy” rating on the stock. Wells Fargo & Company reduced their price objective 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. Finally, Citigroup lowered Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Crescent Energy currently has a consensus rating of “Moderate Buy” and an average price target of $17.09.

Insider Buying and Selling

In other Crescent Energy news, Director Michael Duginski purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the acquisition, the director now owns 259,607 shares of the company’s stock, valued at $2,744,045.99. The trade was a 8.35 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction on Monday, March 10th. The shares were 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. Over the last ninety days, insiders have bought 24,932 shares of company stock worth $263,219. 13.20% of the stock is owned by insiders.

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.