Franklin Resources Inc. Sells 39,624 Shares of Crescent Energy (NYSE:CRGY)

Franklin Resources Inc. reduced its stake in shares of Crescent Energy (NYSE:CRGY) by 78.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,958 shares of the company’s stock after selling 39,624 shares during the quarter. Franklin Resources Inc.’s holdings in Crescent Energy were worth $120,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in Crescent Energy during the 2nd quarter valued at $32,000. Farther Finance Advisors LLC boosted its holdings in shares of Crescent Energy by 15,675.0% during the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock worth $35,000 after purchasing an additional 3,135 shares during the period. Amalgamated Bank grew its stake in shares of Crescent Energy by 86.4% in the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock worth $54,000 after purchasing an additional 2,272 shares during the last quarter. Zacks Investment Management purchased a new position in Crescent Energy during the 3rd quarter valued at about $121,000. Finally, Principal Financial Group Inc. bought a new position in Crescent Energy during the 2nd quarter valued at approximately $125,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRGY. Wells Fargo & Company reduced their target price on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Truist Financial upped their price objective on shares of Crescent Energy from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. JPMorgan Chase & Co. initiated coverage on shares of Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price on the stock. Evercore ISI reissued an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, September 24th. Finally, Raymond James boosted their target price on shares of Crescent Energy from $19.00 to $20.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Crescent Energy has an average rating of “Buy” and an average target price of $16.80.

Crescent Energy Stock Up 1.8 %

Shares of Crescent Energy stock opened at $14.88 on Friday. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $15.54. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company’s 50 day moving average is $13.97 and its 200 day moving average is $12.50. The company has a market cap of $3.40 billion, a price-to-earnings ratio of 24.00 and a beta of 2.17.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. During the same period last year, the business posted $0.35 EPS. Research analysts anticipate that Crescent Energy will post 0.98 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were issued a dividend of $0.12 per share. The ex-dividend date was Monday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 3.23%. Crescent Energy’s dividend payout ratio is currently 77.42%.

Crescent Energy 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.