The Manufacturers Life Insurance Company Trims Stake in Crescent Energy (NYSE:CRGY)

The Manufacturers Life Insurance Company reduced its position in shares of Crescent Energy (NYSE:CRGY - Free Report) by 97.8% in the fourth quarter, according to its most recent 13F filing 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 have also recently made changes to their positions in the company. Hsbc Holdings PLC grew its position in shares of Crescent Energy by 4.3% during the 4th quarter. Hsbc Holdings PLC now owns 18,902 shares of the company's stock valued at $276,000 after purchasing an additional 785 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Crescent Energy by 2.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 37,831 shares of the company's stock valued at $553,000 after purchasing an additional 897 shares in the last quarter. Dark Forest Capital Management LP lifted its holdings in shares of Crescent Energy by 4.0% during the 4th quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company's stock worth $487,000 after acquiring an additional 1,282 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Crescent Energy by 10.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 24,234 shares of the company's stock worth $354,000 after acquiring an additional 2,306 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Crescent Energy by 206.7% during the 4th 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 last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski acquired 20,000 shares of the firm's stock in a transaction on 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 completion of the transaction, the director now owns 259,607 shares of the company's stock, valued at $2,744,045.99. The trade was a 8.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business's stock in a transaction dated 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. Over the last quarter, insiders have bought 24,932 shares of company stock worth $263,219. 13.20% of the stock is currently owned by company insiders.

Crescent Energy Trading Down 1.6%

Crescent Energy stock traded down $0.15 during mid-day trading on Monday, hitting $8.98. The company's stock had a trading volume of 3,313,517 shares, compared to its average volume of 3,359,765. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 14.48 and a beta of 1.86. The business has a 50 day moving average price of $9.24 and a 200-day moving average price of $12.58. Crescent Energy has a 12 month low of $6.83 and a 12 month high of $16.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $937.55 million. As a group, analysts forecast that Crescent Energy will post 0.77 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date of this dividend is Monday, May 19th. Crescent Energy's payout ratio is -106.67%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CRGY shares. Williams Trading set a $16.00 price objective on shares of Crescent Energy in a report on Wednesday, March 5th. Siebert Williams Shank started coverage on shares of Crescent Energy in a report on Monday, February 3rd. They set a "buy" rating for the company. Mizuho dropped their price objective on shares of Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Raymond James reaffirmed a "strong-buy" rating and set a $18.00 price objective (down from $23.00) on shares of Crescent Energy in a report on Friday, March 28th. Finally, KeyCorp dropped their price objective on shares of Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has given 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.

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.