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

Crescent Energy (NYSE:CRGY) was the target of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 18,050,000 shares, a decrease of 13.3% from the February 13th total of 20,820,000 shares. Currently, 9.9% of the company’s shares are sold short. Based on an average trading volume of 3,610,000 shares, the days-to-cover ratio is presently 5.0 days.

Crescent Energy Trading Up 2.9 %

Shares of CRGY traded up $0.33 during trading hours on Wednesday, hitting $11.53. The company had a trading volume of 511,106 shares, compared to its average volume of 3,014,055. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The stock’s 50 day moving average price is $14.20 and its 200 day moving average price is $13.48. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94. The firm has a market cap of $2.98 billion, a P/E ratio of 18.60 and a beta of 2.18.

Crescent Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend is Wednesday, March 12th. Crescent Energy’s payout ratio is -69.57%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Citigroup cut Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. Stephens reissued an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Monday, March 3rd. Siebert Williams Shank assumed coverage on Crescent Energy in a report on Monday, February 3rd. They issued a “buy” rating on the stock. Truist Financial increased their price target on Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, JPMorgan Chase & Co. decreased their target price on Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.45.

Insider Activity

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total transaction of $29,221,844.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael Duginski purchased 20,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was bought at an average price of $10.57 per share, with a total value of $211,400.00. Following the completion of the purchase, the director now owns 259,607 shares of the company’s stock, valued at approximately $2,744,045.99. This represents a 8.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 13.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio increased its position in shares of Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock worth $40,000 after acquiring an additional 705 shares during the period. Jones Financial Companies Lllp increased its holdings in Crescent Energy by 206.7% during the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after buying an additional 2,377 shares during the period. Amalgamated Bank increased its holdings in Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after buying an additional 2,272 shares during the period. Quarry LP increased its holdings in Crescent Energy by 263.4% during the fourth quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $64,000 after buying an additional 3,155 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Crescent Energy by 48.3% in the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after purchasing an additional 1,621 shares during the last quarter. Institutional investors own 52.11% of the company’s stock.

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.