Paloma Partners Management Co Invests $146,000 in Crescent Energy (NYSE:CRGY)

Paloma Partners Management Co purchased a new position in shares of Crescent Energy (NYSE:CRGY) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $146,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Northern Trust Corp lifted its holdings in shares of Crescent Energy by 42.1% during the 4th quarter. Northern Trust Corp now owns 1,791,477 shares of the company’s stock worth $26,173,000 after acquiring an additional 530,962 shares during the period. Quarry LP lifted its holdings in shares of Crescent Energy by 263.4% during the 4th quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $64,000 after acquiring an additional 3,155 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Crescent Energy during the 4th quarter worth approximately $3,558,000. Voya Investment Management LLC lifted its holdings in shares of Crescent Energy by 67.8% during the 4th quarter. Voya Investment Management LLC now owns 115,600 shares of the company’s stock worth $1,689,000 after acquiring an additional 46,695 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in shares of Crescent Energy by 6,700.0% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,700,000 shares of the company’s stock worth $24,837,000 after acquiring an additional 1,675,000 shares during the period. Institutional investors own 52.11% of the company’s stock.

Insider Activity at Crescent Energy

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael Duginski acquired 20,000 shares of Crescent Energy stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $10.57 per share, with a total value 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. This trade represents a 8.35 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 24,932 shares of company stock valued at $263,219. 13.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Truist Financial upped their price target on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Raymond James reissued a “strong-buy” rating and issued a $18.00 price objective (down previously from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. JPMorgan Chase & Co. dropped their price objective on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Stephens reissued an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a research note on Monday, March 3rd. Finally, Williams Trading set a $16.00 price target on shares of Crescent Energy in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.80.

Crescent Energy Stock Performance

Shares of Crescent Energy stock opened at $8.56 on Wednesday. The company has a market cap of $2.21 billion, a PE ratio of 13.81 and a beta of 1.88. Crescent Energy has a 52 week low of $6.83 and a 52 week high of $16.94. The business has a 50 day moving average price of $10.17 and a 200-day moving average price of $12.94. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy Announces Dividend

The firm 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 5.61%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s payout ratio is -69.57%.

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.