The Manufacturers Life Insurance Company Has $1.17 Million Stock Holdings in Crescent Energy (NYSE:CRGY)

The Manufacturers Life Insurance Company lowered its stake in Crescent Energy (NYSE:CRGY - Free Report) by 97.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,131 shares of the company's stock after selling 3,618,547 shares during the period. The Manufacturers Life Insurance Company's holdings in Crescent Energy were worth $1,171,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quarry LP boosted its stake in Crescent Energy by 263.4% in the fourth 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 last quarter. Susquehanna Fundamental Investments LLC bought a new position in Crescent Energy in the fourth quarter valued at approximately $3,558,000. Voya Investment Management LLC boosted its stake in Crescent Energy by 67.8% in the fourth quarter. Voya Investment Management LLC now owns 115,600 shares of the company's stock valued at $1,689,000 after acquiring an additional 46,695 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Crescent Energy by 6,700.0% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,700,000 shares of the company's stock valued at $24,837,000 after acquiring an additional 1,675,000 shares during the last quarter. Finally, Syon Capital LLC bought a new position in Crescent Energy in the fourth quarter valued at approximately $172,000. Institutional investors and hedge funds own 52.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Citigroup cut shares of Crescent Energy to a "reduce" rating in a research note on Wednesday, March 5th. Raymond James reissued a "strong-buy" rating and set a $18.00 price target (down from $23.00) on shares of Crescent Energy in a research report on Friday, March 28th. KeyCorp reduced their price target on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Williams Trading set a $16.00 price target on shares of Crescent Energy in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. One 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $16.30.

Insider Buying and Selling at Crescent Energy

In other Crescent Energy news, 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 value of $29,221,844.93. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael Duginski purchased 4,000 shares of the stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the purchase, the director now directly owns 233,607 shares in the company, valued at approximately $2,424,840.66. The trade was a 1.74% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 24,932 shares of company stock worth $263,219. Insiders own 13.20% of the company's stock.

Crescent Energy Stock Down 0.5%

Shares of NYSE:CRGY traded down $0.05 during midday trading on Friday, reaching $9.14. 2,210,383 shares of the company were exchanged, compared to its average volume of 3,361,238. Crescent Energy has a fifty-two week low of $6.83 and a fifty-two week high of $16.94. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $9.28 and a two-hundred day simple moving average of $12.60. The firm has a market cap of $2.33 billion, a PE ratio of 14.75 and a beta of 1.86.

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, 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 analyst estimates of $937.55 million. As a group, sell-side analysts forecast 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 paid a $0.12 dividend. The ex-dividend date is Monday, May 19th. This represents a $0.48 annualized dividend and a yield of 5.25%. 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.