Franklin Resources Inc. Sells 39,624 Shares of Crescent Energy (NYSE:CRGY)

Franklin Resources Inc. decreased its position in Crescent Energy (NYSE:CRGY - Free Report) by 78.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,958 shares of the company's stock after selling 39,624 shares during the period. Franklin Resources Inc.'s holdings in Crescent Energy were worth $120,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Raymond James & Associates boosted its stake in shares of Crescent Energy by 818.0% during the second quarter. Raymond James & Associates now owns 113,092 shares of the company's stock valued at $1,340,000 after purchasing an additional 100,772 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Crescent Energy by 13.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 751,012 shares of the company's stock valued at $8,899,000 after purchasing an additional 87,318 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Crescent Energy in the 2nd quarter worth approximately $32,000. Principal Financial Group Inc. purchased a new stake in Crescent Energy during the 2nd quarter worth approximately $125,000. Finally, Rhumbline Advisers increased its stake in Crescent Energy by 20.8% during the 2nd quarter. Rhumbline Advisers now owns 131,965 shares of the company's stock valued at $1,564,000 after purchasing an additional 22,702 shares in the last quarter. Institutional investors own 52.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Mizuho boosted their price objective on shares of Crescent Energy from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Monday, December 16th. Evercore ISI reiterated an "outperform" rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Tuesday, September 24th. Wells Fargo & Company reduced their price target on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Monday, October 21st. Pickering Energy Partners began coverage on shares of Crescent Energy in a report on Monday, October 28th. They issued an "outperform" rating on the stock. Finally, Stephens boosted their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Monday, October 28th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $16.80.

Crescent Energy Stock Up 1.1 %

Shares of NYSE:CRGY traded up $0.17 during trading on Friday, hitting $15.05. The company's stock had a trading volume of 2,002,429 shares, compared to its average volume of 2,515,764. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $15.54. The stock's 50-day moving average price is $13.97 and its two-hundred day moving average price is $12.50. The company has a market capitalization of $3.44 billion, a PE ratio of 24.27 and a beta of 2.17.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.11. The company had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same period in the prior year, the company earned $0.35 EPS. As a group, sell-side analysts expect that Crescent Energy will post 0.98 EPS for the current year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend was Monday, November 18th. Crescent Energy's payout ratio is currently 77.42%.

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.