Crescent Energy (NYSE:CRGY) Short Interest Up 9.0% in September

Crescent Energy (NYSE:CRGY) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 13,240,000 shares, an increase of 9.0% from the August 31st total of 12,150,000 shares. Currently, 8.7% of the shares of the company are sold short. Based on an average daily volume of 2,770,000 shares, the days-to-cover ratio is presently 4.8 days.

Crescent Energy Price Performance

Crescent Energy stock traded up $0.22 during midday trading on Tuesday, reaching $11.17. The company had a trading volume of 2,714,154 shares, compared to its average volume of 2,105,341. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $13.85. The firm’s fifty day simple moving average is $11.19 and its 200-day simple moving average is $11.60. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. The company has a market capitalization of $1.98 billion, a P/E ratio of -55.85 and a beta of 2.26.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.26 by $0.05. The business had revenue of $653.28 million for the quarter, compared to analyst estimates of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. As a group, equities analysts anticipate that Crescent Energy will post 1.5 EPS for the current year.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were given a dividend of $0.12 per share. The ex-dividend date was Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.30%. Crescent Energy’s payout ratio is currently -240.00%.

Wall Street Analysts Forecast Growth

CRGY has been the subject of a number of recent analyst reports. Mizuho lowered their price objective on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Truist Financial dropped their price target on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday. Wells Fargo & Company decreased their price objective on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday. Wolfe Research initiated coverage on shares of Crescent Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, Stephens restated an “overweight” rating and set a $20.00 price target on shares of Crescent Energy in a research note on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $16.20.

Insider Buying and Selling

In other news, Director Michael Duginski bought 9,344 shares of the stock in a transaction dated Thursday, August 8th. The stock was purchased at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the transaction, the director now owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders have purchased 12,294 shares of company stock valued at $131,297. 13.20% of the stock is owned by company insiders.

Institutional Trading of Crescent Energy

Institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its holdings in 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 acquiring an additional 6,348,598 shares during the period. The Manufacturers Life Insurance Company grew its stake in Crescent Energy by 22,968.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock worth $48,328,000 after purchasing an additional 3,642,584 shares in the last quarter. Marshall Wace LLP raised its position in Crescent Energy by 286.7% in the 2nd quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after purchasing an additional 2,098,303 shares in the last quarter. Zimmer Partners LP purchased a new position in shares of Crescent Energy in the 1st quarter valued at about $17,731,000. Finally, Dimensional Fund Advisors LP raised its holdings in Crescent Energy by 85.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company’s stock valued at $31,477,000 after acquiring an additional 1,226,027 shares in the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

About Crescent Energy

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.