Millennium Management LLC Grows Holdings in Crescent Energy (NYSE:CRGY)

Millennium Management LLC boosted its stake in Crescent Energy (NYSE:CRGY - Free Report) by 63.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,230,672 shares of the company's stock after purchasing an additional 869,612 shares during the quarter. Millennium Management LLC owned about 0.98% of Crescent Energy worth $32,590,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of CRGY. Barclays PLC grew its holdings in Crescent Energy by 579.6% in the third quarter. Barclays PLC now owns 241,137 shares of the company's stock worth $2,641,000 after purchasing an additional 205,657 shares during the period. Toth Financial Advisory Corp acquired a new stake in Crescent Energy in the fourth quarter worth $131,000. Pacer Advisors Inc. acquired a new stake in Crescent Energy in the fourth quarter worth $170,905,000. DAVENPORT & Co LLC grew its holdings in Crescent Energy by 9.9% in the fourth 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 grew its holdings in Crescent Energy by 234.4% in the fourth 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 institutional investors and hedge funds.

Crescent Energy Stock Performance

CRGY stock traded down $0.07 during mid-day trading on Friday, hitting $8.56. The company had a trading volume of 3,569,549 shares, compared to its average volume of 3,357,179. The firm has a market cap of $2.18 billion, a PE ratio of 13.80 and a beta of 1.86. 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 12 month low of $6.83 and a 12 month high of $16.94. The stock's fifty day moving average price is $9.07 and its two-hundred day moving average price is $12.47.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.47 by $0.09. The company 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 business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be given a dividend of $0.12 per share. The ex-dividend date is Monday, May 19th. This represents a $0.48 annualized dividend and a yield of 5.61%. Crescent Energy's payout ratio is presently -106.67%.

Wall Street Analysts Forecast Growth

CRGY has been the topic of a number of recent research reports. Citigroup lowered shares of Crescent Energy to a "reduce" rating in a research note on Wednesday, March 5th. KeyCorp dropped their price objective on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Wells Fargo & Company dropped their price objective on shares of Crescent Energy from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. Stephens reaffirmed an "overweight" rating and issued a $17.00 price objective on shares of Crescent Energy in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped their price objective 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Crescent Energy has an average rating of "Moderate Buy" and an average target price of $16.30.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski purchased 4,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average cost of $10.38 per share, for a total transaction of $41,520.00. Following the acquisition, the director now directly owns 233,607 shares of the company's stock, valued at $2,424,840.66. This represents a 1.74% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 transaction of $29,221,844.93. The disclosure for this sale can be found here. Insiders purchased a total of 24,932 shares of company stock worth $263,219 over the last three months. 13.20% of the stock is owned by insiders.

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.