Crescent Energy Company $CRGY Stock Position Increased by Jennison Associates LLC

Key Points

• Jennison Associates LLC increased its Crescent Energy stake by 74.1% in the first quarter, buying 1.81 million additional shares and bringing its total to 4.25 million shares worth about $57.4 million.
• Crescent Energy recently reported better-than-expected quarterly results, posting EPS of $0.53 versus estimates of $0.39 and revenue of $1.18 billion, up 24.5% year over year.
• The company also paid a quarterly dividend of $0.12 per share, equal to an annualized yield of about 4.5%, while analysts currently rate the stock a moderate buy with an average target price of $15.58.

Jennison Associates LLC raised its holdings in Crescent Energy Company (NYSE:CRGY - Free Report) by 74.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,254,407 shares of the company's stock after acquiring an additional 1,810,225 shares during the quarter. Jennison Associates LLC owned 1.30% of Crescent Energy worth $57,435,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of CRGY. McAlvany Wealth Management LLC lifted its holdings in shares of Crescent Energy by 71.6% during the first quarter. McAlvany Wealth Management LLC now owns 231,105 shares of the company's stock valued at $3,129,000 after purchasing an additional 96,406 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in Crescent Energy by 23.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 120,136 shares of the company's stock valued at $1,622,000 after buying an additional 22,813 shares during the period. NFSG Corp lifted its position in Crescent Energy by 188.0% in the 1st quarter. NFSG Corp now owns 6,364 shares of the company's stock worth $86,000 after buying an additional 4,154 shares in the last quarter. Bleakley Financial Group LLC purchased a new stake in Crescent Energy in the 1st quarter worth approximately $259,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Crescent Energy by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 1,181,635 shares of the company's stock valued at $15,952,000 after buying an additional 29,673 shares during the period. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Stock Performance

Crescent Energy stock opened at $10.73 on Monday. Crescent Energy Company has a 12-month low of $7.68 and a 12-month high of $14.29. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -14.31 and a beta of 1.40. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.12. The stock has a 50-day simple moving average of $11.21 and a 200 day simple moving average of $11.11.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.39 by $0.14. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.15 billion. Crescent Energy had a negative net margin of 7.47% and a positive return on equity of 8.10%. Crescent Energy's revenue was up 24.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 earnings per share. On average, research analysts anticipate that Crescent Energy Company will post 1.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.48 annualized dividend and a dividend yield of 4.5%. Crescent Energy's dividend payout ratio is currently -64.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Johnson Rice reiterated an "accumulate" rating and set a $19.00 price target on shares of Crescent Energy in a report on Wednesday, March 25th. UBS Group initiated coverage on shares of Crescent Energy in a research report on Tuesday, July 14th. They set a "buy" rating and a $13.00 target price for the company. Wall Street Zen cut Crescent Energy from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Wells Fargo & Company increased their target price on shares of Crescent Energy from $14.00 to $18.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. Finally, Zacks Research cut Crescent Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $15.58.

Crescent Energy Company Profile

Crescent Energy Co NYSE: CRGY is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company's core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy's integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy's operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin's stacked pay intervals.

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