Jennison Associates LLC Buys 3,354,362 Shares of Crescent Energy (NYSE:CRGY)

Jennison Associates LLC increased its stake in Crescent Energy (NYSE:CRGY) by 234.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 4,785,326 shares of the company’s stock after purchasing an additional 3,354,362 shares during the quarter. Jennison Associates LLC owned approximately 2.10% of Crescent Energy worth $69,914,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its position in shares of Crescent Energy by 15,675.0% in the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock valued at $35,000 after purchasing an additional 3,135 shares during the period. Amalgamated Bank raised its holdings in Crescent Energy by 86.4% in the 3rd quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock worth $54,000 after acquiring an additional 2,272 shares during the period. GAMMA Investing LLC lifted its position in Crescent Energy by 48.3% during the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after acquiring an additional 1,621 shares during the last quarter. Toth Financial Advisory Corp bought a new stake in Crescent Energy during the fourth quarter valued at about $131,000. Finally, Zacks Investment Management acquired a new stake in shares of Crescent Energy in the third quarter valued at about $121,000. Institutional investors own 52.11% of the company’s stock.

Crescent Energy Price Performance

Shares of Crescent Energy stock opened at $15.02 on Tuesday. The firm has a market cap of $3.43 billion, a P/E ratio of 24.22 and a beta of 2.16. The firm’s 50-day simple moving average is $15.03 and its 200-day simple moving average is $13.11. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $16.94. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The company had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. During the same period in the previous year, the business earned $0.35 earnings per share. As a group, research analysts expect that Crescent Energy will post 0.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Siebert Williams Shank started coverage on Crescent Energy in a research note on Monday. They set a “buy” rating for the company. Pickering Energy Partners assumed coverage on Crescent Energy in a report on Monday, October 28th. They set an “outperform” rating for the company. Stephens raised their price objective on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Truist Financial upped their target price on shares of Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Raymond James increased their price target on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $17.50.

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.