Bank of New York Mellon Corp Boosts Stock Holdings in Crescent Energy (NYSE:CRGY)

Bank of New York Mellon Corp increased its stake in Crescent Energy (NYSE:CRGY) by 55.5% during the 4th quarter, HoldingsChannel reports. The firm owned 9,261,876 shares of the company’s stock after buying an additional 3,305,833 shares during the period. Bank of New York Mellon Corp’s holdings in Crescent Energy were worth $135,316,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after purchasing an additional 2,986,468 shares during the last quarter. Empowered Funds LLC boosted its holdings in Crescent Energy by 11.4% in the third quarter. Empowered Funds LLC now owns 925,301 shares of the company’s stock worth $10,132,000 after purchasing an additional 94,948 shares during the last quarter. Geode Capital Management LLC raised its position in Crescent Energy by 53.2% in the third quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock worth $36,741,000 after acquiring an additional 1,164,306 shares during the period. Louisiana State Employees Retirement System bought a new position in Crescent Energy in the fourth quarter worth approximately $1,233,000. Finally, Phocas Financial Corp. bought a new position in Crescent Energy in the third quarter worth approximately $3,400,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

Shares of NYSE CRGY opened at $12.62 on Friday. 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 $2.88 billion, a P/E ratio of 20.35 and a beta of 2.16. The firm’s fifty day moving average is $15.06 and its two-hundred day moving average is $13.49. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 3.80%. Crescent Energy’s dividend payout ratio is currently 77.42%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRGY shares. Raymond James increased their price target on shares of Crescent Energy from $22.00 to $23.00 and gave the stock a “strong-buy” rating in a research report on Thursday, January 23rd. Mizuho increased their price target on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Siebert Williams Shank began coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They issued a “buy” rating on the stock. Finally, Truist Financial raised their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $17.50.

Crescent Energy Company 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.