Insider Selling: Crescent Energy (NYSE:CRGY) Major Shareholder Sells 2,948,723 Shares of Stock

Crescent Energy (NYSE:CRGY) major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $9.91, for a total value of $29,221,844.93. The sale was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Crescent Energy Price Performance

Shares of CRGY traded up $0.24 during trading hours on Tuesday, reaching $10.54. 4,944,469 shares of the company’s stock traded hands, compared to its average volume of 2,918,706. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $16.94. The stock has a market cap of $2.72 billion, a PE ratio of 16.99 and a beta of 2.18. The firm’s 50 day simple moving average is $14.71 and its 200-day simple moving average is $13.51.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date of this dividend is Wednesday, March 12th. Crescent Energy’s payout ratio is currently -69.57%.

Analyst Ratings Changes

Several equities research analysts have commented on CRGY shares. Mizuho boosted 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. Citigroup downgraded shares of Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. Siebert Williams Shank began coverage on Crescent Energy in a report on Monday, February 3rd. They set a “buy” rating for the company. Raymond James raised their price objective on Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Finally, Williams Trading set a $16.00 target price on Crescent Energy in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.45.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio increased its holdings in shares of Crescent Energy by 35.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock worth $40,000 after purchasing an additional 705 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Crescent Energy by 15,675.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock valued at $35,000 after purchasing an additional 3,135 shares during the period. Jones Financial Companies Lllp lifted its position in shares of Crescent Energy by 206.7% in the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after acquiring an additional 2,377 shares in the last quarter. Quarry LP boosted its position in shares of Crescent Energy by 263.4% during the fourth quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $64,000 after acquiring an additional 3,155 shares during the last quarter. Finally, Amalgamated Bank grew its stake in Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after acquiring an additional 2,272 shares in the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

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.