Thrivent Financial for Lutherans Makes New $2.98 Million Investment in Crescent Energy (NYSE:CRGY)

Thrivent Financial for Lutherans purchased a new stake in Crescent Energy (NYSE:CRGY) during the 4th quarter, HoldingsChannel reports. The firm purchased 204,053 shares of the company’s stock, valued at approximately $2,981,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jones Financial Companies Lllp lifted its position 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 purchasing an additional 2,377 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Crescent Energy by 48.3% during the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after buying an additional 1,621 shares during the last quarter. Toth Financial Advisory Corp bought a new stake in shares of Crescent Energy in the fourth quarter valued at approximately $131,000. PNC Financial Services Group Inc. grew 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 worth $152,000 after acquiring an additional 8,942 shares during the last quarter. Finally, Zacks Investment Management bought a new position in Crescent Energy during the third quarter worth $121,000. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Stock Down 0.6 %

CRGY opened at $11.50 on Thursday. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 18.54 and a beta of 2.18. 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 firm’s 50-day simple moving average is $13.65 and its 200-day simple moving average is $13.48. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $16.94.

Crescent Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s payout ratio is -69.57%.

Insider Activity

In other Crescent Energy news, Director Michael Duginski bought 20,000 shares of the stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the purchase, the director now owns 259,607 shares in the company, valued at $2,744,045.99. This represents a 8.35 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was 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 90 days, insiders bought 24,932 shares of company stock worth $263,219. Insiders own 13.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Truist Financial increased their price target on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 13th. Stephens reiterated an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a research note on Monday, March 3rd. Williams Trading set a $16.00 price target on Crescent Energy in a research note on Wednesday, March 5th. Raymond James raised their price objective on Crescent Energy from $22.00 to $23.00 and gave the stock a “strong-buy” rating in a research report on Thursday, January 23rd. Finally, Wells Fargo & Company lowered their price objective on Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday. One 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.55.

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.