Pingora Partners LLC Reduces Stock Holdings in Crescent Energy (NYSE:CRGY)

Pingora Partners LLC decreased its stake in shares of Crescent Energy (NYSE:CRGY - Free Report) by 2.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,230,462 shares of the company's stock after selling 32,927 shares during the period. Crescent Energy comprises about 11.8% of Pingora Partners LLC's holdings, making the stock its 2nd largest position. Pingora Partners LLC owned approximately 0.54% of Crescent Energy worth $17,977,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp lifted its holdings in Crescent Energy by 206.7% during the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock worth $52,000 after acquiring an additional 2,377 shares during the period. GAMMA Investing LLC lifted its holdings in Crescent Energy by 48.3% during the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock worth $73,000 after acquiring an additional 1,621 shares during the period. Toth Financial Advisory Corp bought a new stake in Crescent Energy during the fourth quarter worth $131,000. PNC Financial Services Group Inc. lifted its holdings in Crescent Energy by 619.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company's stock worth $152,000 after acquiring an additional 8,942 shares during the period. Finally, Syon Capital LLC bought a new stake in Crescent Energy during the fourth quarter worth $172,000. Institutional investors own 52.11% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on CRGY shares. Raymond James restated a "strong-buy" rating and issued a $18.00 target price (down from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Wells Fargo & Company lowered 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. Citigroup lowered Crescent Energy to a "reduce" rating in a research note on Wednesday, March 5th. KeyCorp lowered their target price on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, Truist Financial boosted their target price on Crescent Energy from $18.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Crescent Energy presently has an average rating of "Moderate Buy" and a consensus price target of $16.80.

Insider Transactions at Crescent Energy

In other Crescent Energy news, Director Michael Duginski bought 20,000 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the acquisition, the director now directly owns 259,607 shares in the company, valued at $2,744,045.99. The trade was a 8.35 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy 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. In the last three months, insiders bought 24,932 shares of company stock worth $263,219. 13.20% of the stock is currently owned by corporate insiders.

Crescent Energy Price Performance

Crescent Energy stock traded down $0.36 during midday trading on Wednesday, hitting $8.20. 1,589,562 shares of the company's stock were exchanged, compared to its average volume of 3,256,173. Crescent Energy has a 52-week low of $6.83 and a 52-week high of $16.94. The stock has a 50-day moving average price of $10.17 and a two-hundred day moving average price of $12.94. 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 company has a market cap of $2.12 billion, a P/E ratio of 13.23 and a beta of 1.88.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.85%. The ex-dividend date was Wednesday, March 12th. Crescent Energy's payout ratio is currently -69.57%.

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.