Jennison Associates LLC Lowers Stake in Crescent Energy Company $CRGY

Jennison Associates LLC lowered its stake in shares of Crescent Energy Company (NYSE:CRGY) by 33.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,288,007 shares of the company’s stock after selling 1,656,031 shares during the period. Jennison Associates LLC owned 1.29% of Crescent Energy worth $28,277,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in Crescent Energy by 7.4% during the first quarter. Principal Financial Group Inc. now owns 910,171 shares of the company’s stock worth $10,230,000 after buying an additional 62,622 shares during the period. Amalgamated Bank lifted its holdings in Crescent Energy by 3.0% during the first quarter. Amalgamated Bank now owns 51,467 shares of the company’s stock worth $578,000 after buying an additional 1,506 shares during the period. Jump Financial LLC purchased a new stake in Crescent Energy during the first quarter worth $3,355,000. Victory Capital Management Inc. lifted its holdings in Crescent Energy by 12.4% during the first quarter. Victory Capital Management Inc. now owns 849,692 shares of the company’s stock worth $9,551,000 after buying an additional 93,690 shares during the period. Finally, KBC Group NV purchased a new stake in Crescent Energy during the first quarter worth $117,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on CRGY shares. Piper Sandler increased their price objective on Crescent Energy from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Thursday, July 17th. Zacks Research upgraded Crescent Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 21st. Mizuho decreased their price objective on Crescent Energy from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, September 15th. Wells Fargo & Company decreased their price objective on Crescent Energy from $20.00 to $15.00 and set an “overweight” rating for the company in a report on Friday, October 17th. Finally, William Blair started coverage on Crescent Energy in a report on Monday, August 25th. They set an “outperform” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.22.

Crescent Energy Price Performance

NYSE CRGY opened at $8.15 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.88 and a quick ratio of 0.88. The stock’s fifty day moving average price is $8.82 and its 200 day moving average price is $8.88. Crescent Energy Company has a 1 year low of $6.83 and a 1 year high of $16.94. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -45.26 and a beta of 1.89.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.20. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%.The firm had revenue of $897.98 million for the quarter, compared to the consensus estimate of $868.34 million. As a group, equities research analysts forecast that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend was Monday, August 18th. Crescent Energy’s dividend payout ratio is presently -266.67%.

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.