Crescent Energy (NYSE:CRGY) Shares Sold by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. trimmed its holdings in shares of Crescent Energy (NYSE:CRGY - Free Report) by 99.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,711 shares of the company's stock after selling 1,388,463 shares during the quarter. Balyasny Asset Management L.P.'s holdings in Crescent Energy were worth $200,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CRGY. Barclays PLC raised its position in shares of Crescent Energy by 579.6% during the 3rd quarter. Barclays PLC now owns 241,137 shares of the company's stock valued at $2,641,000 after buying an additional 205,657 shares in the last quarter. Toth Financial Advisory Corp purchased a new stake in Crescent Energy in the 4th quarter worth about $131,000. Pacer Advisors Inc. purchased a new stake in Crescent Energy in the 4th quarter worth about $170,905,000. DAVENPORT & Co LLC raised its position in Crescent Energy by 9.9% in the 4th quarter. DAVENPORT & Co LLC now owns 89,000 shares of the company's stock worth $1,300,000 after purchasing an additional 8,000 shares during the period. Finally, Jennison Associates LLC raised its position in Crescent Energy by 234.4% in the 4th quarter. Jennison Associates LLC now owns 4,785,326 shares of the company's stock worth $69,914,000 after purchasing an additional 3,354,362 shares during the period. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRGY has been the topic of a number of research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Citigroup downgraded shares of Crescent Energy to a "reduce" rating in a research note on Wednesday, March 5th. KeyCorp decreased 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 report on Monday, April 21st. Raymond James reissued a "strong-buy" rating and set a $18.00 target price (down previously from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. Finally, Mizuho decreased 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Crescent Energy currently has a consensus rating of "Moderate Buy" and an average target price of $16.30.

Insiders Place Their Bets

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael Duginski bought 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, for a total transaction of $211,400.00. Following the completion of the purchase, the director now directly owns 259,607 shares of the company's stock, valued at $2,744,045.99. This trade represents a 8.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 24,932 shares of company stock valued at $263,219 over the last ninety days. Company insiders own 13.20% of the company's stock.

Crescent Energy Stock Performance

Shares of NYSE CRGY traded down $0.07 during midday trading on Friday, reaching $8.56. The company had a trading volume of 3,569,549 shares, compared to its average volume of 3,357,179. 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 $9.07 and its 200 day simple moving average is $12.47. Crescent Energy has a 1 year low of $6.83 and a 1 year high of $16.94. The stock has a market cap of $2.18 billion, a P/E ratio of 13.80 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.09. The firm had revenue of $950.17 million during the quarter, compared to analysts' expectations of $937.55 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. On average, analysts forecast that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 5.61%. The ex-dividend date is Monday, May 19th. Crescent Energy's dividend payout ratio (DPR) is presently -106.67%.

Crescent Energy Company 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.