Crescent Energy (NYSE:CRGY) Short Interest Update

Crescent Energy (NYSE:CRGY) saw a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 19,850,000 shares, an increase of 29.4% from the September 30th total of 15,340,000 shares. Based on an average daily trading volume, of 3,540,000 shares, the short-interest ratio is currently 5.6 days. Currently, 13.0% of the company’s stock are sold short.

Crescent Energy Stock Performance

Shares of CRGY opened at $12.13 on Wednesday. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $13.85. The stock’s 50-day simple moving average is $11.76 and its 200 day simple moving average is $11.74. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of -60.65 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The company had revenue of $653.28 million during the quarter, compared to analyst estimates of $619.00 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. Research analysts forecast that Crescent Energy will post 1.27 EPS for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders 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 3.96%. Crescent Energy’s dividend payout ratio (DPR) is currently -240.00%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CRGY. Pickering Energy Partners started coverage on Crescent Energy in a research report on Monday. They set an “outperform” rating for the company. Truist Financial lowered their target price on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Evercore ISI restated an “outperform” rating and set a $17.00 price objective on shares of Crescent Energy in a report on Tuesday, September 24th. 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 target price on the stock. Finally, Wells Fargo & Company reduced their target price on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, October 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $15.70.

Insider Activity at Crescent Energy

In related news, Director Michael Duginski acquired 9,344 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the purchase, the director now owns 201,081 shares in the company, valued at approximately $2,135,480.22. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have purchased a total of 12,294 shares of company stock valued at $131,297 over the last 90 days. Insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Crescent Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC grew its position in Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after buying an additional 1,832 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Crescent Energy in the second quarter worth approximately $32,000. Spirit of America Management Corp NY purchased a new stake in Crescent Energy in the second quarter valued at approximately $36,000. Farther Finance Advisors LLC lifted its position in Crescent Energy by 15,675.0% during the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company’s stock valued at $35,000 after purchasing an additional 3,135 shares during the last quarter. Finally, Equitec Proprietary Markets LLC purchased a new position in Crescent Energy in the 2nd quarter worth approximately $107,000. Hedge funds and other institutional investors 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.