M&T Bank Corp Buys New Stake in Crescent Energy (NYSE:CRGY)

M&T Bank Corp bought a new stake in shares of Crescent Energy (NYSE:CRGY) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 46,820 shares of the company’s stock, valued at approximately $683,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in Crescent Energy by 6.7% during the 4th quarter. Victory Capital Management Inc. now owns 756,002 shares of the company’s stock valued at $11,045,000 after purchasing an additional 47,797 shares in the last quarter. Keybank National Association OH increased its stake in Crescent Energy by 44.9% during the 4th quarter. Keybank National Association OH now owns 34,116 shares of the company’s stock valued at $498,000 after purchasing an additional 10,568 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Crescent Energy by 25.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,984,820 shares of the company’s stock valued at $28,998,000 after purchasing an additional 398,555 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Crescent Energy by 206.7% during the 4th quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after purchasing an additional 2,377 shares in the last quarter. Finally, Heritage Wealth Management Inc. increased its stake in Crescent Energy by 2.6% during the 4th quarter. Heritage Wealth Management Inc. now owns 111,475 shares of the company’s stock valued at $1,629,000 after purchasing an additional 2,775 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Insider Activity

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.20% of the company’s stock.

Crescent Energy Stock Performance

NYSE CRGY opened at $10.73 on Thursday. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 17.30 and a beta of 2.18. The stock has a 50-day moving average of $14.55 and a 200 day moving average of $13.49. 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 twelve month low of $9.88 and a twelve month high of $16.94.

Crescent Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders 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 dividend yield of 4.48%. The ex-dividend date is Wednesday, March 12th. Crescent Energy’s payout ratio is -69.57%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Citigroup lowered shares of Crescent Energy to a “reduce” rating in a research note on Wednesday, March 5th. Raymond James upped their price target on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Truist Financial raised their target price on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Mizuho boosted their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Finally, Williams Trading set a $16.00 price target on Crescent Energy in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Crescent Energy presently has an average rating of “Moderate Buy” and an average price target of $17.45.

Crescent Energy 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.