Crescent Energy (NYSE:CRGY) Sees Significant Decline in Short Interest

Crescent Energy (NYSE:CRGY) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 12,150,000 shares, a drop of 14.8% from the August 15th total of 14,260,000 shares. Based on an average daily trading volume, of 2,790,000 shares, the short-interest ratio is presently 4.4 days. Approximately 8.0% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRGY. KeyCorp began coverage on shares of Crescent Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $16.00 price target on the stock. Mizuho dropped their price objective on shares of Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday. Stephens restated an “overweight” rating and issued a $20.00 price objective on shares of Crescent Energy in a research note on Tuesday, August 6th. Wolfe Research began coverage on shares of Crescent Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. Finally, JPMorgan Chase & Co. began coverage on shares of Crescent Energy in a research note on Wednesday. They issued a “neutral” rating and a $12.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $16.27.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski acquired 9,344 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was acquired at an average cost of $10.62 per share, with a total value of $99,233.28. Following the transaction, the director now owns 201,081 shares in the company, valued at $2,135,480.22. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders acquired 12,294 shares of company stock valued at $131,297 in the last 90 days. Company insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Jackson Creek Investment Advisors LLC boosted its holdings in Crescent Energy by 1.0% during the second quarter. Jackson Creek Investment Advisors LLC now owns 90,933 shares of the company’s stock worth $1,078,000 after buying an additional 883 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Crescent Energy by 8.5% in the first quarter. ProShare Advisors LLC now owns 13,856 shares of the company’s stock valued at $165,000 after purchasing an additional 1,085 shares in the last quarter. Quadrature Capital Ltd lifted its holdings in shares of Crescent Energy by 5.1% in the first quarter. Quadrature Capital Ltd now owns 30,744 shares of the company’s stock valued at $366,000 after purchasing an additional 1,503 shares in the last quarter. CWM LLC lifted its holdings in shares of Crescent Energy by 618.9% in the second quarter. CWM LLC now owns 2,128 shares of the company’s stock valued at $25,000 after purchasing an additional 1,832 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Crescent Energy in the second quarter valued at about $32,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Price Performance

CRGY stock traded up $0.11 during trading on Wednesday, reaching $11.10. 2,631,557 shares of the company were exchanged, compared to its average volume of 2,068,120. The company has a market cap of $1.97 billion, a P/E ratio of -55.65 and a beta of 2.26. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $13.85. The stock’s 50 day moving average price is $11.39 and its 200 day moving average price is $11.58. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The firm had revenue of $653.28 million for the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. As a group, analysts predict that Crescent Energy will post 1.31 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy’s dividend payout ratio is currently -240.00%.

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.