Crescent Energy Company $CRGY Shares Sold by Jennison Associates LLC

Jennison Associates LLC reduced its stake in shares of Crescent Energy Company (NYSE:CRGY) by 33.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 3,288,007 shares of the company’s stock after selling 1,656,031 shares during the quarter. Jennison Associates LLC’s holdings in Crescent Energy were worth $28,277,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Yousif Capital Management LLC grew its position in Crescent Energy by 1.6% during the 2nd quarter. Yousif Capital Management LLC now owns 67,901 shares of the company’s stock worth $584,000 after purchasing an additional 1,095 shares during the period. AQR Capital Management LLC grew its position in Crescent Energy by 8.9% during the 1st quarter. AQR Capital Management LLC now owns 17,104 shares of the company’s stock worth $192,000 after purchasing an additional 1,397 shares during the period. Amalgamated Bank grew its position in Crescent Energy by 3.0% during the 1st quarter. Amalgamated Bank now owns 51,467 shares of the company’s stock worth $578,000 after purchasing an additional 1,506 shares during the period. Louisiana State Employees Retirement System grew its position in Crescent Energy by 2.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 86,100 shares of the company’s stock worth $968,000 after purchasing an additional 1,700 shares during the period. Finally, New York State Teachers Retirement System grew its position in shares of Crescent Energy by 2.9% during the 2nd quarter. New York State Teachers Retirement System now owns 63,161 shares of the company’s stock valued at $543,000 after acquiring an additional 1,800 shares during the period. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Trading Up 0.1%

Shares of Crescent Energy stock opened at $8.15 on Friday. The firm has a market capitalization of $2.07 billion, a PE ratio of -45.26 and a beta of 1.89. Crescent Energy Company has a twelve month low of $6.83 and a twelve month high of $16.94. The firm’s 50-day moving average price is $8.82 and its 200 day moving average price is $8.88. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.75.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.20. The firm had revenue of $897.98 million for the quarter, compared to analyst estimates of $868.34 million. Crescent Energy had a net margin of 0.67% and a return on equity of 13.35%. On average, sell-side analysts predict that Crescent Energy Company will post 0.77 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.48 dividend on an annualized basis and a yield of 5.9%. Crescent Energy’s dividend payout ratio (DPR) is currently -266.67%.

Wall Street Analyst Weigh In

CRGY has been the topic of a number of analyst reports. Mizuho dropped their target price on Crescent Energy from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, September 15th. Wells Fargo & Company dropped their target price on Crescent Energy from $20.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Wall Street Zen upgraded Crescent Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. William Blair initiated coverage on Crescent Energy in a research report on Monday, August 25th. They set an “outperform” rating on the stock. Finally, Zacks Research upgraded Crescent Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.22.

Crescent Energy Company 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.