The Manufacturers Life Insurance Company Has $43.43 Million Holdings in Crescent Energy (NYSE:CRGY)

The Manufacturers Life Insurance Company lifted its stake in shares of Crescent Energy (NYSE:CRGY) by 0.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,665,052 shares of the company’s stock after buying an additional 6,874 shares during the period. The Manufacturers Life Insurance Company owned about 2.07% of Crescent Energy worth $43,431,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. CWM LLC increased its holdings in Crescent Energy by 618.9% in the second quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after purchasing an additional 1,832 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Crescent Energy in the second quarter valued at $32,000. Spirit of America Management Corp NY acquired a new stake in Crescent Energy in the second quarter valued at $36,000. GAMMA Investing LLC increased its holdings in Crescent Energy by 186.5% in the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after purchasing an additional 2,934 shares during the period. Finally, Equitec Proprietary Markets LLC acquired a new stake in Crescent Energy in the second quarter valued at $107,000. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Crescent Energy

In other Crescent Energy news, Director Michael Duginski purchased 9,344 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average price of $10.62 per share, with a total value of $99,233.28. Following the transaction, the director now owns 201,081 shares in the company, valued at $2,135,480.22. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have purchased 12,294 shares of company stock valued at $131,297 in the last 90 days. 13.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CRGY has been the subject of a number of recent research reports. Truist Financial decreased their price objective on Crescent Energy from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, July 22nd. KeyCorp assumed coverage on shares of Crescent Energy in a research report on Thursday, June 27th. They set an “overweight” rating and a $16.00 price target on the stock. Stephens reaffirmed an “overweight” rating and set a $20.00 price target on shares of Crescent Energy in a research report on Tuesday, August 6th. Evercore ISI reaffirmed an “outperform” rating and set a $17.00 price target on shares of Crescent Energy in a research report on Tuesday, September 24th. Finally, Mizuho cut their price target on shares of Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Crescent Energy has a consensus rating of “Buy” and a consensus price target of $16.70.

Crescent Energy Price Performance

CRGY stock opened at $11.13 on Monday. The stock has a market capitalization of $1.98 billion, a PE ratio of -55.65 and a beta of 2.26. The company’s 50-day moving average is $11.23 and its 200-day moving average is $11.60. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $13.85.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The company had revenue of $653.28 million for the quarter, compared to analysts’ expectations of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. Equities research analysts expect that Crescent Energy will post 1.5 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.31%. Crescent Energy’s dividend payout ratio (DPR) is presently -240.00%.

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.