Illinois Municipal Retirement Fund Purchases New Position in Crescent Energy (NYSE:CRGY)

Illinois Municipal Retirement Fund purchased a new stake in Crescent Energy (NYSE:CRGY) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 81,750 shares of the company’s stock, valued at approximately $1,194,000.

A number of other hedge funds have also modified their holdings of the company. Amalgamated Bank increased its stake in Crescent Energy by 919.0% during the 4th quarter. Amalgamated Bank now owns 49,961 shares of the company’s stock worth $730,000 after purchasing an additional 45,058 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Crescent Energy by 55.5% during the 4th quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company’s stock worth $135,316,000 after acquiring an additional 3,305,833 shares in the last quarter. Olympiad Research LP bought a new position in shares of Crescent Energy during the 4th quarter worth approximately $174,000. CIBC Asset Management Inc bought a new position in shares of Crescent Energy during the 4th quarter worth approximately $248,000. Finally, Principal Financial Group Inc. grew its stake in shares of Crescent Energy by 7,793.7% during the 4th quarter. Principal Financial Group Inc. now owns 847,549 shares of the company’s stock worth $12,383,000 after acquiring an additional 836,812 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Crescent Energy Stock Down 1.3 %

Shares of NYSE CRGY opened at $12.62 on Monday. 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 market cap of $2.88 billion, a price-to-earnings ratio of 20.35 and a beta of 2.16. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $16.94. The stock has a 50-day moving average price of $15.06 and a two-hundred day moving average price of $13.52.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Wednesday, March 12th. Crescent Energy’s payout ratio is -69.57%.

Wall Street Analysts Forecast Growth

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

About Crescent Energy

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.