Jennison Associates LLC Has $20.51 Million Stock Holdings in Crescent Energy Company $CRGY

Key Points

• Jennison Associates LLC trimmed its Crescent Energy stake by 5.8% and now holds 2,444,182 shares worth $20.51 million, representing about 0.96% of the company.
• Crescent reported Q4 EPS of $0.49 (beats $0.30 estimate) while revenue was $865.05 million, slightly below expectations; the company pays a quarterly dividend of $0.12 (annualized $0.48) for a yield of 3.6% and a payout ratio of 92.31%.
• Analysts have a consensus rating of Moderate Buy with a $15.50 consensus price target and several firms raising targets into the $18–$20 range, while the stock trades near $13.47 with a market cap of $4.42 billion.

Jennison Associates LLC lessened its position in Crescent Energy Company (NYSE:CRGY - Free Report) by 5.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,444,182 shares of the company's stock after selling 149,816 shares during the quarter. Jennison Associates LLC owned approximately 0.96% of Crescent Energy worth $20,507,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRGY. Caitlin John LLC acquired a new stake in Crescent Energy in the 3rd quarter valued at approximately $27,000. Nisa Investment Advisors LLC raised its position in Crescent Energy by 50.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the company's stock valued at $33,000 after buying an additional 1,241 shares during the last quarter. Quarry LP increased its position in shares of Crescent Energy by 303.5% during the 3rd quarter. Quarry LP now owns 4,152 shares of the company's stock worth $37,000 after purchasing an additional 3,123 shares during the last quarter. Osaic Holdings Inc. increased its position in shares of Crescent Energy by 25.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,301 shares of the company's stock worth $46,000 after purchasing an additional 1,066 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its position in shares of Crescent Energy by 135.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 6,018 shares of the company's stock worth $54,000 after purchasing an additional 3,466 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company's stock.

Crescent Energy Stock Performance

Shares of NYSE CRGY opened at $13.47 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.07. Crescent Energy Company has a 12 month low of $7.68 and a 12 month high of $14.02. The stock has a 50 day moving average of $12.37 and a 200-day moving average of $10.12. The company has a market capitalization of $4.42 billion, a P/E ratio of 25.89 and a beta of 1.45.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its earnings results on Wednesday, February 25th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.30 by $0.19. Crescent Energy had a return on equity of 8.36% and a net margin of 3.71%.The company had revenue of $865.05 million during the quarter, compared to the consensus estimate of $884.64 million. As a group, equities research analysts predict that Crescent Energy Company will post 1.54 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Wednesday, March 11th. Crescent Energy's payout ratio is currently 92.31%.

Analysts Set New Price Targets

Several research analysts have weighed in on CRGY shares. Raymond James Financial reaffirmed a "strong-buy" rating and set a $20.00 price target on shares of Crescent Energy in a research report on Thursday. Weiss Ratings raised Crescent Energy from a "sell (d+)" rating to a "hold (c)" rating in a research report on Friday, February 27th. Wall Street Zen lowered Crescent Energy from a "buy" rating to a "hold" rating in a research report on Saturday. KeyCorp boosted their price target on Crescent Energy from $15.00 to $19.00 and gave the stock an "overweight" rating in a research report on Thursday, April 2nd. Finally, Wells Fargo & Company boosted their price target on Crescent Energy from $14.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.50.

Crescent Energy 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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