Jennison Associates LLC Buys 3,354,362 Shares of Crescent Energy (NYSE:CRGY)

Jennison Associates LLC raised its position in shares of Crescent Energy (NYSE:CRGY - Free Report) by 234.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,785,326 shares of the company's stock after purchasing an additional 3,354,362 shares during the quarter. Jennison Associates LLC owned 2.10% of Crescent Energy worth $69,914,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Farther Finance Advisors LLC grew its holdings in shares of Crescent Energy by 15,675.0% during the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company's stock valued at $35,000 after buying an additional 3,135 shares in the last quarter. Amalgamated Bank grew its stake in Crescent Energy by 86.4% during the 3rd quarter. Amalgamated Bank now owns 4,903 shares of the company's stock valued at $54,000 after acquiring an additional 2,272 shares in the last quarter. GAMMA Investing LLC grew its stake in Crescent Energy by 48.3% during the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock valued at $73,000 after acquiring an additional 1,621 shares in the last quarter. Zacks Investment Management acquired a new position in shares of Crescent Energy in the 3rd quarter valued at about $121,000. Finally, Toth Financial Advisory Corp purchased a new stake in shares of Crescent Energy in the fourth quarter worth approximately $131,000. Hedge funds and other institutional investors own 52.11% of the company's stock.

Analyst Upgrades and Downgrades

CRGY has been the topic of several research reports. Pickering Energy Partners assumed coverage on shares of Crescent Energy in a research note on Monday, October 28th. They issued an "outperform" rating on the stock. Wells Fargo & Company dropped their price target on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Monday, October 21st. Mizuho lifted their price objective on Crescent Energy from $16.00 to $17.00 and gave the company a "neutral" rating in a research report on Tuesday, January 14th. Raymond James upped their target price 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, Stephens lifted their price target on Crescent Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $17.50.

Crescent Energy Stock Performance

CRGY traded up $0.07 on Friday, hitting $14.70. The company had a trading volume of 2,060,772 shares, compared to its average volume of 2,335,759. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of 23.71 and a beta of 2.16. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The company's fifty day moving average price is $15.04 and its 200 day moving average price is $13.17. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $16.94.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.28 by $0.11. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. The firm had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. During the same quarter last year, the firm posted $0.35 EPS. Equities analysts predict that Crescent Energy will post 0.83 earnings per share for the current fiscal year.

About Crescent Energy

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.