JPMorgan Chase & Co. Sells 242,975 Shares of Crescent Energy (NYSE:CRGY)

JPMorgan Chase & Co. trimmed its stake in Crescent Energy (NYSE:CRGY) by 79.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,084 shares of the company’s stock after selling 242,975 shares during the period. JPMorgan Chase & Co.’s holdings in Crescent Energy were worth $691,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CRGY. Farther Finance Advisors LLC lifted its holdings in Crescent Energy by 15,675.0% in the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock worth $35,000 after buying an additional 3,135 shares during the period. Amalgamated Bank raised its position in shares of 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 in the last quarter. Zacks Investment Management purchased a new position in shares of Crescent Energy in the 3rd quarter valued at approximately $121,000. Landscape Capital Management L.L.C. bought a new stake in shares of Crescent Energy during the third quarter valued at approximately $155,000. Finally, Wedmont Private Capital purchased a new stake in Crescent Energy in the third quarter worth $156,000. Institutional investors own 52.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRGY. Mizuho increased their price objective on Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Pickering Energy Partners assumed coverage on shares of Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating for the company. Truist Financial boosted their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Stephens raised their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Wells Fargo & Company lowered their target price on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $17.50.

Crescent Energy Price Performance

Shares of NYSE CRGY opened at $15.98 on Monday. The company has a 50 day moving average of $14.94 and a 200 day moving average of $12.98. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $16.94. The firm has a market cap of $3.65 billion, a P/E ratio of 25.78 and a beta of 2.17.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) 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 firm had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. During the same period in the prior year, the company posted $0.35 earnings per share. As a group, research analysts expect that Crescent Energy will post 0.84 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date was Monday, November 18th. Crescent Energy’s payout ratio is presently 77.42%.

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.