State Street Corp Purchases 2,986,468 Shares of Crescent Energy (NYSE:CRGY)

State Street Corp boosted its stake in Crescent Energy (NYSE:CRGY - Free Report) by 78.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,783,997 shares of the company's stock after purchasing an additional 2,986,468 shares during the quarter. State Street Corp owned about 3.82% of Crescent Energy worth $74,285,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CRGY. Systematic Financial Management LP acquired a new position in Crescent Energy during the third quarter valued at approximately $795,000. Riposte Capital LLC acquired a new position in shares of Crescent Energy during the 3rd quarter worth $18,232,000. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Crescent Energy by 77.7% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 3,029,818 shares of the company's stock worth $33,177,000 after buying an additional 1,324,328 shares in the last quarter. Kore Advisors LP bought a new stake in shares of Crescent Energy during the 3rd quarter worth $14,652,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Crescent Energy by 18.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 172,313 shares of the company's stock valued at $1,887,000 after buying an additional 27,279 shares in the last quarter. Institutional investors own 52.11% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Pickering Energy Partners initiated coverage on Crescent Energy in a report on Monday, October 28th. They set an "outperform" rating on the stock. Raymond James lifted 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, November 21st. JPMorgan Chase & Co. initiated coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a "neutral" rating and a $12.00 price objective for the company. Wells Fargo & Company cut their target price on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Monday, October 21st. Finally, Mizuho upped their price target on shares of Crescent Energy from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Monday. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $16.80.

Crescent Energy Stock Down 5.9 %

Shares of Crescent Energy stock traded down $0.82 on Wednesday, hitting $13.15. The company had a trading volume of 3,787,844 shares, compared to its average volume of 2,481,906. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 21.21 and a beta of 2.17. 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 1 year low of $9.88 and a 1 year high of $15.54. The stock has a 50 day moving average of $13.67 and a 200-day moving average of $12.36.

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, beating 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 company had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. As a group, sell-side analysts forecast that Crescent Energy will post 0.98 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date was Monday, November 18th. Crescent Energy's payout ratio is 77.42%.

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.