Crescent Energy (NYSE:CRGY) Stock Position Reduced by Wellington Management Group LLP

Wellington Management Group LLP lowered its stake in Crescent Energy (NYSE:CRGY - Free Report) by 48.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,034,189 shares of the company's stock after selling 963,260 shares during the period. Wellington Management Group LLP owned 0.40% of Crescent Energy worth $15,110,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Crescent Energy by 26.4% in the 4th quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company's stock valued at $303,150,000 after buying an additional 4,332,831 shares during the period. American Century Companies Inc. boosted its holdings in shares of Crescent Energy by 12.7% in the 4th quarter. American Century Companies Inc. now owns 12,700,925 shares of the company's stock valued at $185,561,000 after buying an additional 1,436,084 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Crescent Energy by 55.5% in the 4th quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company's stock valued at $135,316,000 after buying an additional 3,305,833 shares during the period. Jennison Associates LLC boosted its holdings in shares of Crescent Energy by 234.4% in the 4th quarter. Jennison Associates LLC now owns 4,785,326 shares of the company's stock valued at $69,914,000 after buying an additional 3,354,362 shares during the period. Finally, Woodline Partners LP boosted its stake in Crescent Energy by 21.9% during the 4th quarter. Woodline Partners LP now owns 4,767,362 shares of the company's stock valued at $69,651,000 after purchasing an additional 856,963 shares during the period. Institutional investors own 52.11% of the company's stock.

Insider Buying and Selling

In other 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 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 SEC, which is accessible through this link. Also, Director Michael Duginski purchased 20,000 shares of the business's stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the acquisition, 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 acquired 24,932 shares of company stock worth $263,219 in the last ninety days. 13.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on CRGY shares. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. reduced their target price 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. Citigroup lowered shares of Crescent Energy to a "reduce" rating in a research note on Wednesday, March 5th. Stephens reissued an "overweight" rating and set a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. Finally, 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 note on Tuesday, May 13th. One 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.30.

Crescent Energy Price Performance

Shares of NYSE CRGY traded down $0.12 during midday trading on Thursday, reaching $8.67. The company's stock had a trading volume of 2,069,061 shares, compared to its average volume of 3,365,361. 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 company has a 50 day moving average price of $8.57 and a 200 day moving average price of $12.16. Crescent Energy has a one year low of $6.83 and a one year high of $16.94. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 13.98 and a beta of 1.75.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $0.56 EPS for the quarter, topping 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 business had revenue of $950.17 million for the quarter, compared to the consensus estimate of $937.55 million. On average, equities research analysts expect that Crescent Energy will post 0.77 EPS for the current year.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.54%. Crescent Energy's payout ratio is currently -106.67%.

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.