Geode Capital Management LLC lifted its position in shares of Crescent Energy (NYSE:CRGY - Free Report) by 53.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,354,700 shares of the company's stock after acquiring an additional 1,164,306 shares during the quarter. Geode Capital Management LLC owned 1.89% of Crescent Energy worth $36,741,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp grew its stake in Crescent Energy by 78.6% in the 3rd quarter. State Street Corp now owns 6,783,997 shares of the company's stock valued at $74,285,000 after acquiring an additional 2,986,468 shares during the last quarter. Interval Partners LP acquired a new stake in shares of Crescent Energy in the second quarter valued at approximately $1,835,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Crescent Energy in the second quarter valued at approximately $3,496,000. Empowered Funds LLC increased its stake in shares of Crescent Energy by 11.4% during the 3rd quarter. Empowered Funds LLC now owns 925,301 shares of the company's stock worth $10,132,000 after purchasing an additional 94,948 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new position in shares of Crescent Energy during the 2nd quarter worth approximately $1,365,000. Institutional investors and hedge funds own 52.11% of the company's stock.
Crescent Energy Trading Up 2.7 %
Shares of CRGY traded up $0.36 during mid-day trading on Wednesday, reaching $13.87. The company had a trading volume of 806,969 shares, compared to its average volume of 2,553,928. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $15.54. The firm has a fifty day simple moving average of $13.73 and a 200-day simple moving average of $12.41. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of 22.37 and a beta of 2.17. 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 (NYSE:CRGY - Get Free Report) last issued its 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. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The firm had revenue of $744.87 million for the quarter, compared to analysts' expectations of $793.88 million. During the same quarter last year, the firm earned $0.35 earnings per share. On average, sell-side analysts anticipate that Crescent Energy will post 0.98 EPS for the current fiscal year.
Crescent Energy Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Monday, November 18th. Crescent Energy's payout ratio is currently 77.42%.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on the company. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a report on Wednesday, September 18th. They set a "neutral" rating and a $12.00 target price on the stock. Evercore ISI reaffirmed an "outperform" rating and set a $17.00 price objective on shares of Crescent Energy in a research note on Tuesday, September 24th. 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 note on Monday, October 28th. Truist Financial raised their price target on shares of Crescent Energy from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company cut their price objective 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. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $16.80.
Check Out Our Latest Stock Analysis on CRGY
Crescent Energy Profile
(
Free Report)
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.
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