Jennison Associates LLC Grows Position in Crescent Energy Company (NYSE:CRGY)

Jennison Associates LLC grew its stake 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 filing with the Securities & Exchange Commission. The institutional investor owned 4,944,038 shares of the company's stock after acquiring an additional 158,712 shares during the period. Jennison Associates LLC owned 1.91% of Crescent Energy worth $55,571,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Allworth Financial LP acquired a new position in shares of Crescent Energy in the first quarter valued at $34,000. Public Employees Retirement System of Ohio lifted its position 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 purchasing an additional 705 shares during the period. Quarry LP grew its position in shares of Crescent Energy by 263.4% during the 4th 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. KBC Group NV bought a new stake in shares of Crescent Energy during the first quarter worth approximately $117,000. Finally, Paloma Partners Management Co acquired a new position in Crescent Energy in the fourth quarter valued at approximately $146,000. 52.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Crescent Energy Stock Performance

Crescent Energy stock traded down $0.25 during mid-day trading on Monday, reaching $8.49. 981,549 shares of the company's stock were exchanged, compared to its average volume of 3,459,790. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $2.17 billion, a PE ratio of -18.86 and a beta of 1.74. Crescent Energy Company has a one year low of $6.83 and a one year high of $16.94. The business's fifty day simple moving average is $8.99 and its 200 day simple moving average is $10.97.

Crescent Energy (NYSE:CRGY - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $0.56 earnings per share for the quarter, topping 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 firm had revenue of $950.17 million during the quarter, compared to analyst estimates of $937.55 million. On average, sell-side analysts expect that Crescent Energy Company will post 0.77 earnings per share for the current year.

Crescent Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a $0.12 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.48 annualized dividend and a yield of 5.66%. Crescent Energy's dividend payout ratio (DPR) is presently -106.67%.

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.