Jennison Associates LLC Boosts Stock Holdings in Crescent Energy Company (NYSE:CRGY)

Jennison Associates LLC lifted its position in shares of Crescent Energy Company (NYSE:CRGY - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,944,038 shares of the company's stock after purchasing an additional 158,712 shares during the period. Jennison Associates LLC owned about 1.91% of Crescent Energy worth $55,571,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its holdings in Crescent Energy by 35.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company's stock valued at $40,000 after acquiring an additional 705 shares during the period. Allworth Financial LP purchased a new stake in shares of Crescent Energy in the first quarter worth about $34,000. Quarry LP boosted its stake in Crescent Energy by 263.4% during the fourth quarter. Quarry LP now owns 4,353 shares of the company's stock worth $64,000 after buying an additional 3,155 shares during the period. Paloma Partners Management Co bought a new position in shares of Crescent Energy during the 4th quarter worth $146,000. Finally, PNC Financial Services Group Inc. raised its stake in Crescent Energy by 619.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,385 shares of the company's stock worth $152,000 after buying an additional 8,942 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Crescent Energy Trading Up 2.2%

CRGY stock traded up $0.19 during midday trading on Tuesday, hitting $8.64. The stock had a trading volume of 2,703,370 shares, compared to its average volume of 3,463,277. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $2.20 billion, a PE ratio of -19.19 and a beta of 1.74. Crescent Energy Company has a 12-month low of $6.83 and a 12-month high of $16.94. The company's 50-day moving average price is $8.99 and its 200 day moving average price is $10.97.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.09. Crescent Energy had a negative net margin of 2.88% and a positive return on equity of 14.21%. The company had revenue of $950.17 million for the quarter, compared to analyst estimates of $937.55 million. On average, equities research analysts predict that Crescent Energy Company will post 0.77 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.56%. The ex-dividend date of this dividend was Monday, May 19th. Crescent Energy's dividend payout ratio is presently -106.67%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CRGY. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $18.00 price objective (down from $23.00) on shares of Crescent Energy in a research note on Friday, March 28th. Mizuho reduced their target price on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Piper Sandler raised their price objective on shares of Crescent Energy from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Wells Fargo & Company cut their price objective on shares of Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Finally, KeyCorp decreased their target price on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Crescent Energy has a consensus rating of "Moderate Buy" and an average target price of $16.10.

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.