MetLife Investment Management LLC Increases Stock Position in Crescent Energy (NYSE:CRGY)

MetLife Investment Management LLC lifted its position in shares of Crescent Energy (NYSE:CRGY) by 43.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,786 shares of the company’s stock after purchasing an additional 23,990 shares during the period. MetLife Investment Management LLC’s holdings in Crescent Energy were worth $874,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Interval Partners LP bought a new position in shares of Crescent Energy during the 2nd quarter worth approximately $1,835,000. Susquehanna Fundamental Investments LLC bought a new stake in Crescent Energy during the second quarter worth $3,496,000. Empowered Funds LLC lifted its holdings in 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 acquiring an additional 94,948 shares during the period. SIR Capital Management L.P. purchased a new position in Crescent Energy in the second quarter worth $1,365,000. Finally, Phocas Financial Corp. bought a new position in Crescent Energy in the 3rd quarter valued at $3,400,000. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price on the stock. Raymond James lifted their price objective on shares of Crescent Energy from $19.00 to $20.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Evercore ISI reissued an “outperform” rating and set a $17.00 target price on shares of Crescent Energy in a research report on Tuesday, September 24th. Stephens raised their price target 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. Finally, Truist Financial upped their price objective on Crescent Energy from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday. Two investment 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 presently has an average rating of “Buy” and an average price target of $16.60.

Crescent Energy Trading Down 1.5 %

NYSE:CRGY opened at $14.20 on Friday. The company has a market cap of $3.24 billion, a P/E ratio of 22.90 and a beta of 2.17. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $15.54. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The stock’s fifty day moving average price is $13.37 and its two-hundred day moving average price is $12.26.

Crescent Energy (NYSE:CRGY) last posted its earnings results 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 business had revenue of $744.87 million during the quarter, compared to analyst estimates of $793.88 million. During the same quarter in the previous year, the firm earned $0.35 EPS. As a group, analysts expect that Crescent Energy will post 0.97 EPS for the current year.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.38%. The ex-dividend date was Monday, November 18th. Crescent Energy’s dividend payout ratio is presently 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.