Jennison Associates LLC lifted its stake in shares of Crescent Energy (NYSE:CRGY - Free Report) by 123.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,430,964 shares of the company's stock after purchasing an additional 791,794 shares during the period. Jennison Associates LLC owned 0.81% of Crescent Energy worth $15,669,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in CRGY. Vanguard Group Inc. grew its position in shares of Crescent Energy by 13.9% in the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company's stock valued at $110,775,000 after acquiring an additional 1,137,367 shares during the period. American Century Companies Inc. increased its position in Crescent Energy by 444.8% during the second quarter. American Century Companies Inc. now owns 7,775,940 shares of the company's stock worth $92,145,000 after buying an additional 6,348,598 shares during the last quarter. Segall Bryant & Hamill LLC raised its stake in Crescent Energy by 48.4% in the third quarter. Segall Bryant & Hamill LLC now owns 3,072,410 shares of the company's stock valued at $33,643,000 after buying an additional 1,001,552 shares during the period. Marshall Wace LLP raised its stake in Crescent Energy by 286.7% in the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company's stock valued at $33,537,000 after buying an additional 2,098,303 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Crescent Energy by 85.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company's stock valued at $31,477,000 after buying an additional 1,226,027 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company's stock.
Analysts Set New Price Targets
CRGY has been the topic of a number of research analyst reports. Raymond James increased their price target on Crescent Energy from $19.00 to $20.00 and gave the company a "strong-buy" rating in a research note on Thursday. Mizuho raised their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 5th. Evercore ISI reiterated an "outperform" rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, September 24th. JPMorgan Chase & Co. started coverage on shares of Crescent Energy in a research report on Wednesday, September 18th. They set a "neutral" rating and a $12.00 price objective for the company. Finally, Stephens upped their target price on 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 assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $16.30.
Read Our Latest Analysis on CRGY
Crescent Energy Price Performance
Shares of NYSE CRGY traded up $0.10 during mid-day trading on Friday, reaching $15.28. The company had a trading volume of 2,691,678 shares, compared to its average volume of 2,084,254. The business's 50-day simple moving average is $12.68 and its 200 day simple moving average is $12.09. Crescent Energy has a one year low of $9.88 and a one year high of $15.54. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 24.65 and a beta of 2.19.
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 (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $744.87 million for the quarter, compared to analyst estimates of $793.88 million. During the same quarter last year, the company posted $0.35 EPS. On average, research analysts predict that Crescent Energy will post 0.97 earnings per share for the current fiscal year.
Crescent Energy Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Monday, November 18th. Crescent Energy's payout ratio is 77.42%.
Crescent Energy Profile
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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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