Geode Capital Management LLC Acquires 1,164,306 Shares of Crescent Energy (NYSE:CRGY)

Geode Capital Management LLC increased its holdings in Crescent Energy (NYSE:CRGY) by 53.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,354,700 shares of the company’s stock after purchasing an additional 1,164,306 shares during the quarter. Geode Capital Management LLC owned approximately 1.89% of Crescent Energy worth $36,741,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp raised its position in shares of Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after acquiring an additional 2,986,468 shares during the last quarter. Interval Partners LP acquired a new position in shares of Crescent Energy in the 2nd quarter worth approximately $1,835,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Crescent Energy in the 2nd quarter valued at $3,496,000. Empowered Funds LLC increased its position in shares of Crescent Energy by 11.4% during the third quarter. Empowered Funds LLC now owns 925,301 shares of the company’s stock worth $10,132,000 after buying an additional 94,948 shares during the period. Finally, SIR Capital Management L.P. bought a new stake in Crescent Energy during the second quarter valued at $1,365,000. 52.11% of the stock is currently owned by institutional investors and hedge funds.

Crescent Energy Trading Up 2.7 %

NYSE:CRGY opened at $13.87 on Wednesday. The firm has a market capitalization of $3.17 billion, a P/E ratio of 22.37 and a beta of 2.17. Crescent Energy has a 52 week low of $9.88 and a 52 week 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 has a fifty day moving average of $13.71 and a 200 day moving average of $12.40.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, November 4th. The company reported $0.39 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 company had revenue of $744.87 million during the quarter, compared to the consensus estimate of $793.88 million. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, research analysts predict that Crescent Energy will post 0.98 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced 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 3.46%. The ex-dividend date was Monday, November 18th. Crescent Energy’s dividend payout ratio (DPR) is presently 77.42%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CRGY shares. Raymond James increased their price target on Crescent Energy from $19.00 to $20.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Stephens upped their price objective on shares of Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Mizuho raised their target price on Crescent Energy from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Evercore ISI reaffirmed an “outperform” rating and set a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. assumed coverage on Crescent Energy in a report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective for the company. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Crescent Energy has a consensus rating of “Buy” and a consensus target price of $16.80.

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.