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

Franklin Resources Inc. lowered its position in Crescent Energy (NYSE:CRGY) by 78.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor 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 reporting period.

A number of other institutional investors have also bought and sold shares of the business. American Century Companies Inc. boosted its holdings in shares of Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after purchasing an additional 6,348,598 shares during the last quarter. State Street Corp lifted its position in shares of Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after buying an additional 2,986,468 shares in the last quarter. Marshall Wace LLP boosted its stake in Crescent Energy by 286.7% during the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after buying an additional 2,098,303 shares during the last quarter. Wellington Management Group LLP purchased a new position in Crescent Energy during the 3rd quarter valued at approximately $21,872,000. Finally, Riposte Capital LLC bought a new stake in Crescent Energy in the 3rd quarter worth approximately $18,232,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Price Performance

CRGY opened at $14.88 on Friday. The business has a fifty day moving average of $13.97 and a 200 day moving average of $12.50. The stock has a market cap of $3.40 billion, a P/E ratio of 24.00 and a beta of 2.17. 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 52-week low of $9.88 and a 52-week high of $15.54.

Crescent Energy (NYSE:CRGY) last issued its 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. The firm had revenue of $744.87 million during the quarter, compared to analyst estimates of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same period in the previous year, the firm earned $0.35 earnings per share. As a group, sell-side analysts anticipate that Crescent Energy will post 0.98 EPS for the current year.

Crescent Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

CRGY has been the subject of a number of research reports. Wells Fargo & Company lowered their target price on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. JPMorgan Chase & Co. initiated coverage on shares of Crescent Energy in a report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 target price on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Tuesday, September 24th. 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 report on Thursday, December 5th. Finally, Raymond James lifted their target price on Crescent Energy from $19.00 to $20.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Crescent Energy has a consensus rating of “Buy” and an average 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.