Nuveen Asset Management LLC Raises Position in Crescent Energy (NYSE:CRGY)

Nuveen Asset Management LLC grew its holdings in Crescent Energy (NYSE:CRGY - Free Report) by 10.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,475,294 shares of the company's stock after purchasing an additional 229,928 shares during the quarter. Nuveen Asset Management LLC owned approximately 1.08% of Crescent Energy worth $36,164,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CRGY. Raymond James Financial Inc. bought a new position in Crescent Energy in the fourth quarter worth approximately $1,811,000. SCP Investment LP purchased a new stake in shares of Crescent Energy during the 4th quarter worth $409,000. Clearbridge Investments LLC bought a new stake in Crescent Energy during the fourth quarter valued at about $9,869,000. Thrivent Financial for Lutherans purchased a new position in Crescent Energy in the fourth quarter valued at about $2,981,000. Finally, Vanguard Group Inc. raised its holdings in Crescent Energy by 26.4% in the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company's stock worth $303,150,000 after purchasing an additional 4,332,831 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company's stock.

Insiders Place Their Bets

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy stock in a transaction that occurred 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Duginski bought 20,000 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $10.57 per share, with a total value of $211,400.00. Following the completion of the purchase, the director now owns 259,607 shares in the company, valued at approximately $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. In the last three months, insiders have purchased 24,932 shares of company stock valued at $263,219. Company insiders own 13.20% of the company's stock.

Crescent Energy Stock Performance

NYSE CRGY traded down $0.07 during trading hours on Monday, reaching $8.56. The stock had a trading volume of 3,569,549 shares, compared to its average volume of 3,357,179. Crescent Energy has a 52-week low of $6.83 and a 52-week high of $16.94. The stock has a fifty day moving average of $9.07 and a 200 day moving average of $12.46. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. 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 announced 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 business 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%. Sell-side analysts predict that Crescent Energy will post 0.77 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 5.61%. The ex-dividend date is Monday, May 19th. Crescent Energy's payout ratio is -106.67%.

Analyst Upgrades and Downgrades

CRGY has been the topic of a number of analyst reports. Williams Trading set a $16.00 price objective on shares of Crescent Energy in a research report on Wednesday, March 5th. Citigroup cut Crescent Energy to a "reduce" rating in a research report on Wednesday, March 5th. Raymond James reaffirmed a "strong-buy" rating and set a $18.00 target price (down from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. JPMorgan Chase & Co. lowered their price target on Crescent Energy from $18.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Finally, Mizuho cut their price objective on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. 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 issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $16.30.

About Crescent Energy

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.