Picton Mahoney Asset Management Purchases 14,737 Shares of Crescent Energy (NYSE:CRGY)

Picton Mahoney Asset Management lifted its position in shares of Crescent Energy (NYSE:CRGY) by 13,645.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 14,845 shares of the company’s stock after acquiring an additional 14,737 shares during the period. Picton Mahoney Asset Management’s holdings in Crescent Energy were worth $217,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Swiss National Bank increased its position in Crescent Energy by 21.3% during the fourth quarter. Swiss National Bank now owns 345,067 shares of the company’s stock worth $5,041,000 after acquiring an additional 60,700 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of Crescent Energy during the fourth quarter worth approximately $6,133,000. Johnson Investment Counsel Inc. bought a new position in shares of Crescent Energy during the fourth quarter worth approximately $193,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Crescent Energy by 7.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,329 shares of the company’s stock valued at $765,000 after buying an additional 3,779 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Crescent Energy by 619.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company’s stock valued at $152,000 after buying an additional 8,942 shares during the period. Institutional investors own 52.11% of the company’s stock.

Insider Buying and Selling

In other Crescent Energy news, Director Michael Duginski bought 4,000 shares of Crescent Energy stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $10.38 per share, with a total value of $41,520.00. Following the acquisition, the director now directly owns 233,607 shares of the company’s stock, valued at $2,424,840.66. The trade was a 1.74 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction that occurred on 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. 13.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CRGY. Williams Trading set a $16.00 price objective on Crescent Energy in a report on Wednesday, March 5th. Siebert Williams Shank initiated coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They set a “buy” rating for the company. Citigroup downgraded shares of Crescent Energy to a “reduce” rating in a research note on Wednesday, March 5th. Truist Financial boosted their target price 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. 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Crescent Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.45.

Crescent Energy Stock Performance

Shares of Crescent Energy stock opened at $10.87 on Monday. The company’s 50 day moving average price is $14.38 and its two-hundred day moving average price is $13.49. The firm has a market capitalization of $2.81 billion, a P/E ratio of 17.52 and a beta of 2.18. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $16.94. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend is Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is -69.57%.

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.