Comerica Bank Purchases 60,551 Shares of Crescent Energy (NYSE:CRGY)

Comerica Bank boosted its holdings in Crescent Energy (NYSE:CRGY - Free Report) by 2,401.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 63,072 shares of the company's stock after purchasing an additional 60,551 shares during the period. Comerica Bank's holdings in Crescent Energy were worth $921,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its position in Crescent Energy by 206.7% in the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock worth $52,000 after acquiring an additional 2,377 shares during the period. Quarry LP raised its holdings in shares of Crescent Energy by 263.4% in the 4th quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $64,000 after purchasing an additional 3,155 shares in the last quarter. Toth Financial Advisory Corp bought a new stake in shares of Crescent Energy in the 4th quarter valued at about $131,000. Paloma Partners Management Co purchased a new position in shares of Crescent Energy in the 4th quarter worth approximately $146,000. Finally, PNC Financial Services Group Inc. grew its position in shares of Crescent Energy by 619.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company's stock worth $152,000 after buying an additional 8,942 shares during the last quarter. 52.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Siebert Williams Shank initiated coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They set a "buy" rating on the stock. Wells Fargo & Company reduced their target price on shares of Crescent Energy from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Mizuho reduced their target price on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Williams Trading set a $16.00 price objective on shares of Crescent Energy in a report on Wednesday, March 5th. Finally, KeyCorp lowered their target price on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Crescent Energy currently has an average rating of "Moderate Buy" and an average target price of $16.30.

Crescent Energy Stock Down 0.5%

CRGY stock traded down $0.05 during midday trading on Friday, reaching $9.14. 2,210,383 shares of the company were exchanged, compared to its average volume of 3,359,947. 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 $6.83 and a 1-year high of $16.94. The stock's 50-day simple moving average is $9.28 and its 200 day simple moving average is $12.60. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 14.75 and a beta of 1.86.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.47 by $0.09. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The company had revenue of $950.17 million for the quarter, compared to analyst estimates of $937.55 million. On average, equities analysts forecast that Crescent Energy will post 0.77 earnings per share for the current year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 5.25%. The ex-dividend date of this dividend is Monday, May 19th. Crescent Energy's dividend payout ratio (DPR) is presently -106.67%.

Insider Buying and Selling at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business'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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael Duginski purchased 4,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average price of $10.38 per share, with a total value of $41,520.00. Following the completion of the acquisition, the director now owns 233,607 shares of the company's stock, valued at approximately $2,424,840.66. The trade was a 1.74% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 24,932 shares of company stock valued at $263,219 over the last 90 days. 13.20% of the stock is owned by corporate 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.