Jennison Associates LLC Has $57.44 Million Position in Crescent Energy Company $CRGY

Jennison Associates LLC increased its stake in shares of Crescent Energy Company (NYSE:CRGY) by 74.1% during the 1st quarter, HoldingsChannel.com reports. The fund owned 4,254,407 shares of the company’s stock after acquiring an additional 1,810,225 shares during the period. Jennison Associates LLC’s holdings in Crescent Energy were worth $57,435,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Osaic Holdings Inc. lifted its position in shares of Crescent Energy by 25.2% in the second quarter. Osaic Holdings Inc. now owns 5,301 shares of the company’s stock valued at $46,000 after buying an additional 1,066 shares during the last quarter. First Citizens Bank & Trust Co. increased its holdings in shares of Crescent Energy by 1.8% during the fourth quarter. First Citizens Bank & Trust Co. now owns 65,241 shares of the company’s stock worth $547,000 after purchasing an additional 1,152 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Crescent Energy by 2.0% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 62,706 shares of the company’s stock worth $526,000 after purchasing an additional 1,245 shares during the period. AQR Capital Management LLC raised its position in shares of Crescent Energy by 8.9% in the first quarter. AQR Capital Management LLC now owns 17,104 shares of the company’s stock valued at $192,000 after buying an additional 1,397 shares in the last quarter. Finally, Allworth Financial LP raised its position in shares of Crescent Energy by 42.3% in the fourth quarter. Allworth Financial LP now owns 4,712 shares of the company’s stock valued at $40,000 after buying an additional 1,401 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Johnson Rice reaffirmed an “accumulate” rating and set a $19.00 price objective on shares of Crescent Energy in a research report on Wednesday, March 25th. KeyCorp reissued an “overweight” rating and set a $19.00 price objective on shares of Crescent Energy in a report on Thursday, June 11th. 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 on the stock. Weiss Ratings lowered Crescent Energy from a “hold (c)” rating to a “sell (d)” rating in a research report on Wednesday, May 6th. Finally, Zacks Research cut Crescent Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.58.

Crescent Energy Trading Down 0.1%

CRGY opened at $10.73 on Monday. Crescent Energy Company has a 1-year low of $7.68 and a 1-year high of $14.29. The company has a market cap of $3.55 billion, a P/E ratio of -14.31 and a beta of 1.40. The company has a fifty day moving average price of $11.21 and a two-hundred day moving average price of $11.11. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.12.

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

Crescent Energy Announces Dividend

The firm also recently announced 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 payout ratio is presently -64.00%.

About Crescent Energy

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.