Crescent Energy (NYSE:CRGY) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its position in Crescent Energy (NYSE:CRGY - Free Report) by 53.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 238,743 shares of the company's stock after selling 275,222 shares during the period. Bank of America Corp DE owned 0.10% of Crescent Energy worth $3,488,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRGY. Jones Financial Companies Lllp raised its position in 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 last quarter. Quarry LP grew its stake in 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 acquiring an additional 3,155 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Crescent Energy during the fourth quarter worth about $146,000. PNC Financial Services Group Inc. lifted its position in shares of Crescent Energy by 619.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company's stock valued at $152,000 after acquiring an additional 8,942 shares in the last quarter. Finally, Syon Capital LLC purchased a new stake in shares of Crescent Energy during the fourth quarter worth $172,000. 52.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Crescent Energy news, Director Michael Duginski bought 20,000 shares of the company's stock in a transaction on Thursday, March 13th. The shares were bought 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 approximately $2,744,045.99. This trade represents a 8.35% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 24,932 shares of company stock valued at $263,219. Insiders own 13.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. KeyCorp cut their price target on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Wells Fargo & Company decreased their target price on Crescent Energy from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. JPMorgan Chase & Co. dropped their price target 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. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research note on Wednesday, March 5th. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Crescent Energy currently has an average rating of "Moderate Buy" and an average price target of $16.30.

Crescent Energy Stock Performance

Shares of NYSE CRGY traded down $0.31 during mid-day trading on Wednesday, hitting $8.78. 3,727,407 shares of the company were exchanged, compared to its average volume of 3,368,969. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 14.16 and a beta of 1.86. The stock has a 50 day simple moving average of $8.62 and a 200-day simple moving average of $12.19. 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 has a 1-year low of $6.83 and a 1-year high of $16.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $937.55 million. On average, sell-side analysts forecast that Crescent Energy will post 0.77 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date was Monday, May 19th. Crescent Energy's dividend payout ratio 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.